Bulls & Bulls
There was quite a debate on Fox's Bulls & Bears show Saturday. The gathered sunshine squad/'shroomers on the show had a huge debate as to whether the Dow was going to a gazillion or merely to a katrillion. They ultimately split the difference, agreeing we would hit a bazillion. (Hey, I guess that's just the Cost of Freedom).
I sent a note to the producers, noting that if they could not find anyone who does not believe the market is going to launch into a new Bull run, that I could forward you a list of well regarded strategists, economists and fund managers who aren't quite so sanguine.
I also respectfully suggested they change the name of the show to BULLS & BULLS.
On a positive note, I did appreciate the new humor section they added to the beginning of the show -- it was a satire that explained how fabulously well the war in Iraq was going. My favorite part was when Tobin Smith explained that if Saddam was still in power, with Oil at $60, he would be accumulating $300 Billion of year. That buys a lot of WMD!
This new move towards satire at the beginning of the show on the war was simply hysterical! I thought they were going after CNBC, but it appears their true target is The Daily Show. Brilliant, brilliant parody.
UPDATE: March 20, 2006 6:24am
A reader informs me that the first section of the show was not parody, but actually reflected the views of the assembled strategists . . . Astonishing! I never would have beleived that any show claiming the war is going fantastic, the economy is terrific, and that the markets are poised to launch into a new Bull run was anything but satire.
My bad . . .
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I regularly watch the saturday financial shows and have been telling all my follow investors they should change the name of Bulls and Bears to Bulls and More Bulls. So I agree with you 100%. The only person on that show that I pay attention to is Pat Dorsey and Bob Olstein (when he is on). Both are value fundamentalist like myself. But being all the other guest are technicians and momentum players they always disagree with the fundamentalist views.
After watching the financial shows, I am thinking Bearishness does not sell. Who wants to watch a show that is bearish and telling you now is a time to be cautious and conservative. Instead, people want to hear how they can make a killing buying stocks.
Cavuto on Business is just as bad, everybody but Jim Rogers is a screaming Bull.
Barry, you are in the media. Do you get any pressure to be less Bearish and more upbeat???? I noticed that on Kudlow & Co. they only put you on to bring some balance to the other 3 Bullish guest. I can not remember Kudlow ever having 3 bears and 1 bull on.
Barry, while I am commenting I do have one more question for you. I am cautious on the market right now for many of the same reasons you have talked about. But I do have one question. If we are in a Secular Bear Market, as a financial historian are you aware of any time in history there has been a secular bear market when so many indices are making new highs (transports, small caps, and etc.) I would appreciate you thoughts in this area.
Posted by: rwbil | Mar 20, 2006 10:04:44 AM
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