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March 23, 2006

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FMF,

One minor nit. Your friend may not have needed a ticket to get into the ML dinner, but it most definitely was not "free." ;-)

I am surprised that ML thinks we have had 5 years of a bull market since the US market corrected pretty severely in 2003.

I do not agree that markets are so cyclical. I hear bears like Tom Haugaard going on CNN and Bloomberg claiming that market will correct by 10-15% pretty soon. The only reason they cite is that bull runs historically last a span of 3-5yrs. Now ML joins the bandwagon with similar theory. Its all based on assumption that history repeats itself.

Well, my friends, globalization is working the way it never worked before. The developing world is generating consumers in vast volume that have buying power at par with lowly populated western world. Never in past in history has has seen surge in the volume of high end consumers. And mind you this volume is increasing. No wonder the market recovered so quickly during the most recent mini-correction(5-10% of global indices) in Oct2005.

This new era of true globalization is a different ball game, simply because the players are different.

Thanks,
Anil Passi
http://www.anilpassi.com

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