The Spoken Word Of Reason
Perhaps we
should learn from people smarter than us.
There is an old Italian saying that says “some days
belong to the hunters, but others belong to the
prey.” After watching the performance of the Dow
Jones Industrial Average for the past week, I am making some
calls to all of my friends from “the boot” to see
if they remember an entire week that belonged to the
hunters. Congratulations on those who excelled this past
week by being the hunters and not the hunted!
For the past several months, I have
expressed some pretty strong points of view in my daily
commentary. Today, instead of laying more of that on you, I
would like to include some quotes from people who are far
more knowledgeable than I am. As such, you can draw your own
conclusions from the quotations I have selected. Have fun.
On Thursday,
the big boys from Morgan Stanley Dean Witter bucked their
cheerleading peers and issued some cautionary statements:
“I am increasingly convinced these
breaks by the Nasdaq will weaken the economy further and
eventually drag down cyclical groups….I worry that the
Federal Reserve is behind the curve (in reducing rates) and
falling further back all the time.”
—