By: GZ on Mercoledì 30 Ottobre 2002 16:04
Dove si va ?
Stamattina Doug Kass dice: " ci sono tanti ora che spingono per guidare l'autobus e nessuno sa dove dirigerlo ( e forse nemmeno hanno la patente per guidarlo)"
Molto zig-zag, con continue inversioni, paradiso dei traders ?
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Doug Kass, author of The Edge, is general partner for two investment partnerships, Seabreeze Partners and Kass Partners. Until 1996, he was senior portfolio manager at Omega Advisors, a $4 billion investment partnership.
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Truthfully, I think there are lots of folks trying to drive the bus, and nobody has a clue as to where it's going."
Perhaps, as another sage (who has my highest respect) responded, the bus drivers "don't even have a driver's license!"
Since that column appeared eight days ago, we've had a lot of noise in the equity market -- full of sound and fury, but signifying nothing. Indeed, we are at precisely the same levels we were when I wrote that piece mentioned above!
So, regardless of Fed policy or confidence polls, in the environment I anticipate, there will be a great many zigs and zags over the coming months -- all providing an opportunity to capture returns. But investors will likely have to adapt to the new trading environment with a far shorter time horizon than usual, as the market will appear to have no memory from day to day.
It is why I am strictly a renter these days. And it is why you will all begin to see more rental recommendations from me.
Short-term catalysts will fuel these moves, and how we interpret these variables will bear heavily on our ability to make money over the foreseeable future. And, yes, we will even have to rely on technical analysis in the determination of entry and exit points.
Modificato da - gz on 10/30/2002 15:5:46