HOW HARRY'S CLUB JOINED THE FRENZY
Saturday 11 December 1999
This is the reality of today's stockmarket mania. Private investors chasing instant internet fortunes.
At its inaugural meeting, the Club, named after the Dirty Harry pub in which it meets, decided to put everything into hi-tech stocks. This is unusual for investment clubs, which tend to be much more conservative.
According to Mark Goodson, who launched the Club - and who didn't know shares from a hole in the ground until four years ago - the current froth should be treated with suspicion.
"A condition of joining this Club was that everyone would be in for the long term. No-one is allowed to sell out until five years is up."
Mr Goodson thinks that whats happening at the moment is a "classic speculative bubble". "No market, no commodity, can keep going up in price for ever and ever." Starting with a pot of pounds 10,000 just a month ago, the Club put around pounds 2,000 into ARM, an IT company, and roughly pounds 1,500 into each of the other five stocks (see table). The Club sold Infobank a fortnight ago after the shares had more than doubled. To their intense regret, Infobank's shares have since nearly doubled again, to pounds 22. "That was really annoying," he says.
"I think the market will continue upwards for the next couple of weeks, and then drift. Then, when the Millenium Bug fails to cause a problem, people will pile money into the market."
Mr Goodson goes on: "I'm worried about what will happen in April and May. There will be less cash around to prop up the market. It could be just a little bit horrible."
That from the man who has just seen his investments go up 50 per cent in a month. Don't say you weren't warned ...
Life & Style blogs
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
- 1 Three of Pope Francis' relatives die in Argentina car crash, including two young great-nephews
- 2 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 3 Reading Festival 2014: Tesco branch replaces salad with Jager and potatoes for vodka as campsite opens tomorrow
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
£30000 - £44000 per annum + Bonus+Benefits+Package: Harrington Starr: Web deve...
£40000 - £65000 per annum + benefits+bonus+package: Harrington Starr: Senior A...
£35000 - £45000 per annum + benefits+bonus+package: Harrington Starr: Web deve...
£30000 - £40000 per annum + benefits+bonus+package: Harrington Starr: ETL Deve...