becoming a crash not a correction, page-18

It is insane but we are belting ourselves down. We can't trust each other to hold quality stocks so we think we better sell before the next bloke does.

We also have a cultural problem where we always feel we are second fiddle to the Brits or the yanks. We mouth off with smart comments and jokes about them but in the end we always think we aren't as good as them. It is a psychological problem and I can't see it changing soon.

There would be heaps of companies that are selling right now for way below their fundamental value but that doesn't matter when you think the other bloke will keep selling.

There's a lot of instos who are selling and thinking in a smarmy way that they will buy back in at lower levels. When those blokes decide we have reached those "lower" levels, then it will turn around and not before. You and me make no difference at all.