Steve Heller:(posted 9706 days ago)In response, I accept the distinction between your views of Browne's market observations and his position on the year 2000 set of problems.
There was nothing in your response to his y2k position to indicate otherwise. I consider you to be an honest observer, based on what you have written.
That is a trait that I also admired in Browne's writing through the years. It was characterised by his developing a position that no one can predict future events, and that he would not claim the ability to make market calls. He would instead view his projected outcomes as probabilities, while listing the other possible outcomes also.
Hence his coining of the phrase, re inflation, hard landing, soft landing, etc., as he examined the possibilities. He dismissed his market call re gold and the dollar in the early 'seventies as good luck.
With this as a reference, I was surprised that he would make a "hard call" on y2k and appear to get it wrong on top of that, based on the evidence that is available.
It is neither here nor there. I appreciate your perspective based upon your experience.
Thank you,
Tom Beckner