Those who are unable to adapt to the changes will fail. Those who understand the changes will profit handsomely. The years since 1990 have been characterized by market behavior heretofore unknown.
New issues can increase in value several hundred percent or more on their first day of trading.
Frenzy and foolishness characterize today's markets. Insanity appears to be spreading, yet few investors believe or even realize that a speculative bubble has developed. And it could be the most serious bubble since the Dutch Tulip Mania of the1600's. We have seen Internet and technology stocks soar while many old line, investment grade stocks have deteriorated and lost the their investment appeal. Recent changes in the component stocks of the Dow Jones 30 Industrials reflect a growing trend toward new and aggressive marketing and away from the conservative management and business methods of the past.