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The Pigs Are Fed

November 01, 1987

Your interesting "Closing Quotes" column on Oct. 25 had a wonderful message when all of the quotes were taken in toto. The quote from business tycoon H. Ross Perot ("There's too much money chasing too few stocks managed by 28-year-old boys paid $500,000 a year who don't know what they're doing.") had an objective outlook and explained one particular facet of the market crash.

But renowned management expert Peter Drucker cried like a "stuck pig." Regarding the last two years of the bull market, he said the "pigs gorging" at the trough was a "disgusting spectacle." What is disgusting? The improvement in the business climate? People making a return on their investment? Or was he not in the market and wished he had been there for the ride up? (I wasn't there either. I didn't have the discretionary funds to invest.)

My favorite of the quotes is from Wal-Mart Stores Chairman Sam Walton, whose personal stock went down "about half a billion dollars." He said, "It's paper anyway. It was paper when we started and it's paper afterward." After all is said and done, the market only returned to where it was not long ago. The true assets are all there. The buildings, manufacturing plants, equipment and the good employees are the same today as they were a few weeks ago.

Chin up, Mr. Drucker. Let's not worry that the pigs keep getting dirty. There is a bright future ahead. Let's continue to build from where we are.

PHIL JUBB

Glendale

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