Everybody's Pessimistic, Therefore I Am Bullish

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The Great Buying Panic of the 1990s

Here is a fun read that Ed Hyman of ISI recently put into a research report. It's from a September issue of Time magazine. "The U.S. economy remains almost comatose. The slump ranks as the longest period of sustained weakness since the Depression. The economy is staggering under many structural burdens, as opposed to familiar cyclical problems. . . ." Can you guess in which year it was published?

Time goes on: "The structural faults represent once-in-a-lifetime dislocations that will take yeaers to work out. Among them: the job draught, the debt hangover, the banking collapse, the real estate depression, the health-care cost explosion, and the runaway federal deficit."

Guess which year? September 1992. Hmm. As I recall, the 1990s proved to be a good time to be in the market.

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