Talk about inspirational. If you haven’t already read Granny D’s speech, click here.
For those who read yesterday’s column before it was amended: The Bette Midler letter was actually written by a woman named Stephanie Finnegan. ‘It’s a beautifully written, heartfelt and impassioned letter,’ Midler told the New York Daily News . . . but she didn’t write it. Sorry.
Has a deep market correction begun? I don’t know any better than you, but I disagree with those who think the market is cheap here. They tend to think so because interest rates are so low. But will interest rates stay so low? Can we keep postponing our problems, borrowing cheaply from the future? And what of November? The market may be worried that a Kerry win could send the long-term capital gains rate back up from 15% to 20%. Or that a Bush win would give us four more years of Bush. Either one could be spooking the market. And although the stock market historically does better during Democratic administrations than Republican administrations, the first years of any administration are generally when the tough medicine is taken . . . and the fourth year when all stops are pulled out to try to boost the market – never more than this year. So I think the next couple of years could be quite rough. Not a problem if you’re in the market for the really long haul, as I am, or, better still, if you’re in a position to keep buying more shares if they should happen to be marked down. But – as always – don’t risk money in the market you might actually need in the next few years.
Now go click on Granny.
Tomorrow: God Hates Shrimp; A Professor Remembers W.