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March 30, 1998

At the beginning of this year I suggested that the market could breach the five-digit mark and trade above 10,000. Several readers wondered if I had been out in the sun too long without a hat . . . there is an old Wall Street cliché that says, he who has the gold makes the rules. Today it is the individual investor who has the gold, and through both mutual funds and direct purchases, it is he who is making the rules. Institutional investors are simply out of the loop: They spend too much time talking to one another and not enough time schmoozing with ordinary folk.
     Laszlo Birinyi Jr. in Don't ask the pros from Forbes (4/6/98)

Living up to the hard-won reputation for not buying low and for not selling high, Japanese money managers have been redeploying funds into the U.S.
     James Grant (Grant's Interest Rate Observer)
     Smart Money's Quote of the Month (April 1998)

In the new economy, many of the old classical rules of economics no longer apply; over the years the U.S. has made and learned new rules all its own.
     Time magazine December 31, 1958 (Source: Capital Ideas)

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