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Daily Speculations The Web Site of Victor Niederhoffer & Laurel Kenner Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter; a forum for us to use our meager abilities to make the world of specinvestments a better place. |
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8/21/04
Dick Sears:
Weekly Commentary
A Growth Spurt
Aug. 20, 2004
Weekly
Commentary
Big news: the GTI had its best week in more
than a year. It was up almost 11%.
Is that really such a big deal?
The GTI had been in a swoon virtually all of
this miserable, rainy summer. It had fallen
25% since the beginning of July. All that has
happened now is that it has recovered a part
of what it had lost, and not even a very big
part at that, less than a third.
Well, it's a big deal for me. It's news I can
write about. A web site for LTBH investors
can be boring at times, sort of like watching
the grass grow.
Not that speculators, day traders and other
active investors aren't welcome here too.
They are. But they'd probably find a lot
more nourishment at a site like
this.
Things weren't always so dull around here.
During the get-rich-quick days of 1999 and
early 2000, when the GTI rose 500% and set
a new record almost every day, following
the GTI was heady stuff.
Those glory days are over, at least for now.
We're reduced to trench warfare. There's
not much thrill or glamour in that.
All the same, it would help if this grass
we're watching would grow faster, and
up not down.
But maybe that's what this summer has
been all about, going down to build a
good root system that can support
another boom. Maybe that's even why
it has rained so much.
Hey, maybe I helped prepare the soil by
being a bore. On the other hand, maybe
I auger not get so carried away with my
metaphor.
Returns for Week Ended August
20
Gilder Technology Index (GTI):
+ 10.9%
Nasdaq Composite Index (NSD):
+ 4.6%
S&P 500 Index (S&P): + 3.2%