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July 14, 1997

I expect we will cross 8000, and it will be like going from Pennsylvania to Ohio . . . It will be a big deal for 35 seconds but then its 'How far to Indiana?'
I really don't see 9000 . . . You can suspend the laws of gravity, but you can't repeal them.
Laszlo Birinyi, Birinyi Associates.
Source: Ready To Cross Dow 8000 RR in Barron's (7/14/97)
With inflation nowhere in sight, a new generation of central bankers and private investors see gold not as a store of wealth, but as little more than a nonproducing asset--almost a commodity. And if, as some economists predict, worldwide deflation is in the cards, the rationale for buying gold is thin indeed.
Suzanne Woolley, in "Gold Isn't Worth Its Weight In Gold" in Business Week (7/21/97)
You [portfolio managers] cannot escape uncertainty. No model has an R² of 1.000000. The devil is in the residuals, and don't forget it.
Let's face it: because of free will and because all human beings are making decisions under the unconquerable mysteries of uncertainty, no decisions ever are going to be predictable beyond a shadow of a doubt. Rather, only for the most part!
Peter L. Bernstein, "How Do We Decide?" (Goldman, Sachs & Co. Summer Seminar Series.)

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