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Subject:  Re: Security Analysis Dead? Date:  9/29/2003  7:01 PM
Author:  solasis Number:  1681 of 1936

its a bit remarkable that after the 1994-2003 period anyone would still push for perfectly efficient markets........ consider that
in 1994 we experienced the worst US treasury bond selloff in history
in 1997 we experienced the worst disruption in the currency markets since bretton woods
in 1998 we experienced an unprecedented meltdown in emerging market debt and LTCM
in 1995-1999 the US stock market experienced for the first time in its history 5 years in a row of greater than 20% Y-O-Y gains
in 2000-03 the US stock market experienced three down years in a row for the first time in 70 years and only the third time in its history.
in 2001-2003 impairments of publicly traded secured debt (due to bankruptcy and reorganizations) were off the scale compared to previous recessions.
in 2001 copper and other base metals hit all time lows, inflation adjusted, lower than 1932
in 2000-2003 annual and quarterly oil and gas price volatility has reached all time highs

in summary, almost every major market segment has experienced some form of record impairment or disruption or 'crisis' in the pas