Comstock Partners is a fund management group that has won acclaim among investors for its reasoned online commentaries. At the site is a detailed analysis, subtitled, Enormous Public Participation Makes Bear Market Ugly. It begins: 'Obviously, Greenspan, with all his access to economic research, sees everything that we see, and what we see is a crumbling economy with earnings falling apart. The market, with its excessive valuations and misguided bullish sentiment, is about to recognise the dire outlook ahead. We believe the market rally will fail despite the Fed's easing, and that when this happens, panic will ensue.'