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Latest Satellite News Discussion, ABC Investing: "Anything But Cash" Keeps Driving Stocks Higher at General Satellite News forum; Investors and pundits have tossed out many reasons over the last few months to explain the epic equities rally. Mark ...

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ABC Investing: "Anything But Cash" Keeps Driving Stocks Higher - 18-November-2009, 10:08

Investors and pundits have tossed out many reasons over the last few months to explain the epic equities rally. Mark Dow, who manages $2.5 billion at the hedge fund Pharo Management, points to two fairly simple reasons: "Cash pays so little and as we know from history nothing brings out buyers like higher prices."

As he tells Henry in this clip, the only way to make money right now is to follow a simple motto: A-B-C Investing: "Anything But Cash."

Dow says what's happening right now is a fairly common shift in investing mindset from denial, ('this is a sucker's rally that won't last') to migration ('maybe this rally does have legs') and finally capitulation (even the biggest bears start saying, 'It's time to buy. I'm missing out on all this money!')

For now Dow's happy to keep participating even though he points to several factors as evidence the market has entered a topping process:
More Volume on the Downside
Narrowing Market Leadership
Large Caps Are Outperforming Small Caps
This topping process can take sometime but Dow's confident when the rally does finally fizzle, they'll be plenty of retail investors who'll get burned, especially those who came late to the party.
   
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