Dow 36,000? sure, why not!

[Bradford DeLong]

>Bradford DeLong wrote:
>
>>>[Evidently these guys have found a new career in comedy writing.]
>>>
>>>Wall Street Journal - August 1, 2002                    
>>>
>>>In Today's Paper
>>>COMMENTARY
>>>Dow 36000 Revisited
>>>
>>>By JAMES K. GLASSMAN and KEVIN A. HASSETT
>>>
>>>When our book, "Dow 36,000," was published in September 1999, the 
>>>Dow Jones Industrial Average stood at 10318. The Dow closed 
>>>yesterday at 8736. What went wrong? Actually, nothing. Despite its 
>>>flamboyant title, "Dow 36,000" was a book of sober explanation, 
>>>not of wild prognostication. We calculated that 36000 was the 
>>>point at which the 30 stocks that comprise the Dow Industrials 
>>>would be fully valued, and we warned that "it is impossible to 
>>>predict how long it will take."
>>>
>>>But picking target prices was not what our book was about -- nor 
>>>is it what investing is about. The book had three themes -- and 
>>>they apply even more forcefully today than they did three years 
>>>ago.
>>
>>I'm sick to my stomach. They don't even *dare* reprint the subtitle 
>>of their book, do they?
>
>Which, by the way, is "The New Strategy for Profiting from the 
>Coming Rise in the Stock Market."
>
>Doug

Yep...

Brad DeLong