Agreed. It feels like we won't get another secular bull until people (fund managers) finally learn their lessons about those stocks. My fav. economic philosopher, Von Mises, said that recessions were not brought about by excessive investment, but rather by "misinvestment," where valuable capital is diverted away from the real economy by these types of stocks, which have a long run present value of nil.
<OT>
What this country needs is annex mexico and canada. The biggest crisis we face in the next 15 yrs is the aging of the baby boomers and subsequent removal of the consumer prop form the economy. What must give is the dollar- but it is bitter tasting medicine. We need those mexican immigrants almost as much if not more than they need us. That whole population segment is growing like wild- and they are in a 1950's mindset toward household formation and living standard improvement expenditure.
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