Tuesday, October 21, 2008

Bears - take a bow

The ultra-bears of this world should take a bow - they took substantial risks with their careers and have been thoroughly vindicated. It requires guts to argue that stock x will fall 90% from its peak when the "smart money" of the world is investing expecting it to double.

We approach the golden age of long-term investing. Competition is about to thin out as hedge funds/PE funds are taken to cleaners.

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