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"Excuse me. Alan Greenspan has been beating the bullcookies out of his bell [announcing a bear market] for over a year. Ignoring the economic basket cases of Russia, Japan, SE Asia, Brazil and Venezuela is whistling in the dark."

Nonsense. Alan Greenspan has not been predicting when we'll have a bear market. He's smart enough to know that he can't predict such things. He's been saying the fundamentals are still remarkably good, but that the those markets will have some impact. I suspect he has been deliberately ambiguous by putting something for everyone into his addresses.

"That approach implies that only the "flow ratio", etc. are important factors. Overall market psychology will profoundly effect the ultimate price of your stocks, no matter how great they look on paper."

Again, nonsense. The price isn't ultimate until I sell or until the company goes out of business. I would characterize the overall market psyc as cycles of greed and fear, with greed dominating in the long term.

I realize that consumer or investor psyc can affect my stocks prices short term. I own TDFX, a great company that Mr. Market has beaten bloody. But in the long term I have to assume that investors will ferret out value wherever they can find it.

"IMHO, ignore the market blips, but do not put your head in the sand when the market "bell" has tolled for thee."

Who said anything about putting their head in the sand? On the contrary, I told you I watch too much. I'll ask you the same thing I asked Chris: What are you proposing? How do you know when it's a blip and when it's a bear market? What do you do when you suspect you're about to enter a bear market? Sell? Market timing doesn't work.
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