From: hal@finney.org
Date: Tue May 02 2000 - 21:50:00 MDT
Forrest writes:
> "Barton Biggs notes in his piece today. . .three of the best (proven longer
> term money managers - Julian Robertson, Stanley Druckenmiller and
> Nicholas Roditi). . .have quit the game.
> [...]
> The answer is clear: We are in a period of unprecedented
> government intervention and manipulation of markets. . .in
> response to the near (and forthcoming) collapse of the international economic
> regime."
But wouldn't this be the BEST time for the hedge fund managers?
A collapse would cause a stock crash, and a hedger could be set for life
with his short positions.
Face it - if those guys really thought that this impending collapse
was just around the corner, they'd stay the course a few more months.
The problem is, they've been predicting collapse for years! But
time after time they've been disappointed. They're finally throwing
in the towel.
Of course, people who have been so wrong so often can be a good contrarian
indicator. The fact that they're quitting could be an ominous sign...
Hal
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