Comstock Partners, Inc.December 26, 2008
Thank you for your thought provoking article.
Thank you for your thought provoking article entitled "Putting it All Together." Couldn't have said it better. Like you, I have been shouting out warnings for a number of years.
Want to comment on one of your points with which I agree wholeheartedly: that there has yet to be true capitulation. No better proof of that than the fact that perhaps 90%+ of workers with 401k and profit sharing plans have yet to sell out of their positions. They have been hoodwinked into believing money grows on trees, and been sold a bill of false goods, and (for the time being) continue to follow the insane mantra of "staying the course and dollar cost averaging" into their retirement positions as the market tumbles. In terms of total assets invested, the general public's combined retirement account net worth must dwarf the daily volume of trading activity we see each day. When the public finally panics out of their positions (and they will - everyone has a breakpoint), look out below. Only then will we see where the ultimate bottom lies. Unfortunate but true.
Keep up the great writing.