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  • TOOHIGH2WIN TOOHIGH2WIN Aug 17, 1998 5:32 PM Flag

    Glad to see all you bulls are snorting a

    A couple more days of upswing, and the bulls will
    be absolutely giddy, I can hardly wait! Then we can
    start justifying 50x, 55x, 60x and 100x earnings again.
    Here is a quote from the most recent mid August
    Investment Quality Trends to get your juices really
    flowing:

    "On the heels of negative fundamental and technical
    indicators, a bear market has been confirmed by the venerable
    Dow Theory. It was the first Dow Theory bear market
    signal in more than 7 years. Following an intra-day
    decline of about 1000 points from the July peak on the
    Dow, it now is reasonable to expect prices to rebound
    as dyed in the wool bulls continue to "buy the
    dips." The rebound however is likely to be short-lived
    and retrace only a portion of the preceding decline.
    It should be used to lighten stock portfolios to
    about 25% of total investment capital. We never
    advocate being 100% either in or out of the market. If
    stock choices are confined to good quality, undervalued
    blue chips with safe dividends, a 25% position is a
    reasonable allocation of capital at this time. Later, we may
    find it necessary to pare that percentage figure down
    to 20%, but not now."

    On the subject of bear
    markets:

    "It has been so long since Wall Street witnessed a
    real bear market, many investors do not know what to
    expect. Nor do they know how to react. There has not been
    a TRUE bear market leg since 1973-74. The decline
    in 1987 was scary, but it proved to be only a
    correction in an ongoing bull market. So, unless you have
    been in the stock market for more than 28 years, which
    implies that you are over 50 years of age, you do not
    know what a bear market looks like or how it feels.
    This is why so many "old timers" have been warning
    stock market newcomers what lies ahead. Until now,
    their admonitions have fallen on deaf ears. Those ears
    and eyes soon will be opened."

    Robert Rhea, a
    Charles Dow disciple, wrote in the 1930's, "Bear markets
    seem to be divided into three phases: the first being
    the abandonment of hopes upon which the final uprush
    of the preceding bull market was predicated; the
    second being the reflection of decreased earning power
    and reduction of dividends; and the third
    representing distress liquidation of securities which must be
    sold to meet living expenses. Each of these phases
    seems to be divided by a secondary reaction which often
    erroneously is assumed to be the beginning of a bull
    market."

    I hope you bulls have some dry powder and are
    keeping it that way!

    TOOHIGH2WIN

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    • Gore invented global warming and the internet and will be the major factor again in the next elections.

    • I have been gone since Fri. night, but am trying to catch up on posts. hope that you are well,

      Kingfisher

    • It was just a garden snake and was in my kitchen
      about 1 in the afternoon when I walked in there. He was
      not a deadly one, but he scared me so bad. He was not
      invited!! I don't know how he got in nor how long he had
      been here or if he had a family. Hope he was an
      orphan. I agree that the worst snakes are in Washington
      DC, but I didn't appreciate this one's making himself
      at home in my home. I called my neighbor and he came
      and got him out. My nice neighbor is a county
      commissioner and he insured himself my continued votes and
      like notbuffett, I vote and do it as often as I can. I
      really enjoy your posts as well as notbuffetts,
      John846's and Beethoven's. Beethoven doesn't post often,
      but when he does, he makes a statement, right? BTW, I
      love the San Antonio area. My son and his family live
      in New Braunfels and work in SA. I am in the
      northern panhandle in our great state of Texas. Keep
      posting and drinking those good frosty Cokes. Best
      regards. Texie

    • Do not know what kind of snake you found in your
      house, but the old adage is "red on yellow kill a
      fellow' is a coral snake. Very poionous, but never
      aggressive. Never fear, the worst snakes are in
      d.c.

      Kingfisher

    • I also remember the Billy Sol "fiasco." Also
      certainly enjoy it when you two get to posting. Have missed
      some time on the board this week due to working, but
      get in from work, pop a coke top and try to read all
      of the posts. You 2 guys have the best ones. I
      should have included John in my past sentence. Glad John
      is back and has Old Red with him. BTW, notbuffett, I
      got your reply to my Monday snake problem. Band
      around his neck? I just don't know. 2 teeth? I didn't
      get that close. Just called my nice neighbor and he
      came and took him out. I am still walking on tippy
      toes around here. He scared me pretty bad. BTW,
      notbuffett, I didn't get to use the "dribble" as you phrased
      it, at our investment club meeting this last time,
      due to other business at hand, but will in the
      future. We dripped some more KO, though, as we do each
      month. Best regards and I think KO did a good job today
      in the market. Texie

    • 2high ain't got no britches to soil, however, he does hope to be able to purchase a pair late next week.

      Hope you are well,

      Kingfisher

    • He was never a very good preacher, at least not after the fall.
      You have a good evening.

      Kingfisher

    • Yes,sir. This guy was lbj's protege, and lbj told
      the texas banks concerned to loan him whatever he
      needed based on his fertilizer holdings (of which he
      only had a sad 55 gallon drum full.) But when he
      talked to the bankers, the 55 gallon drum became much
      larger. The bankers took lbj's word for the collateral,
      and loaned him many millions, they were sorry when
      they found out that his only assets were a blue tick
      hound and a girl named Hillary.

      Kingfisher

    • He borrowed money on ammonia fertlizer tanks that did not exist.
      He them became a preacher after he got out of jail.
      Yea the great shorter of the 50s
      notbuffett

    • mycroft is celebrating again...champagne....check out the fools

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