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Laszlo Birinyi, Leading Stock Picker and Market Forecaster, Dies at 79

NYT article but should be readable by all.



  • edited August 31
    Many of us old timers remember Mr Birinyi fondly. Sorry to hear about his passing. The article @Mark linked is must read, most especially the very last paragraph.
  • From that article:
    His study of market history taught him, he said, that long bull markets have four stages: reluctance, consolidation, grudging acceptance and exuberance. This last period is marked by fearless behavior, the entry into the market of unskilled day traders and, ominously, the likelihood of a coming crash.

    This led Mr. Birinyi to the paradoxical conclusion that gloomy commentary by market watchers was actually encouraging — before the exuberance stage had taken hold — whereas sunny market reports signified danger.

    “So you won’t think the market is going down till everybody thinks it’s going up,” Mr. Rukeyser remarked to Mr. Birinyi on an episode of “Wall Street Week” in 1996.

    “Exactly right,” Mr. Birinyi said.
  • Proverb, "Bull markets climb a wall of worry; bear markets slide down a river of hope".
    Origin unknown.
  • Luke's letter to the Philistines?
  • A nice remembrance. Jimmy Buffett, Bill Richardson and now Laszlo. All in their 70s.
  • Old_Joe said:

    Luke's letter to the Philistines?

    Made me laugh.:)

    Don't think I've ever seen that one before.

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