Saturday, January 5, 2008

From the Watchtower

Sentiment has changed. Ignorant hedge funds clash by night. Denial is everywhere slaughtered. Everybody crying uncle.

The only questions now: How low? How long?

- Don't worry. Earnings are good, PE's are low, maybe a little recession, second half will be great. No pain.

- What earnings? This is not a walk in the park. This is over the cliff, Charley. This bubble is bigger than the last one. Pray for rain.

The winds begin to howl.

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