Well, so much for irrational exuberance . . . There is no joy in Mudville, or for that matter in New York, London, or Tokyo. Every 24 hours lately the markets have started like a hopeful youth out for an evening stroll, bouncing along full of young and vigorous new blood, ready for an exciting turn for the better, and then encountering, out for his regular stroll, an unusually thirsty Dracula.
Louis Rukeyser on Wall Street Week (8/14/98) This current era is nothing unusual; you have these extraordinary advances from time to time. One similarity with the 1920's that I do see is that investors seem to believe corporate profits are going to continue to grow forever . . . Unfortunately, I remember all too clearly how nearly everybody got kicked in the nose in 1929.
Walter L. Morgan in "Investment Lessons of a Century From a Fund Pioneer" from "In The Vanguard" (Summer 1998)If you think you're destined to score by listening to the advice of the experts who charge for investment advice in newsletters, you're only slightly less delusional than the lottery nuts.
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