IP: GREENSPAN WARNS RETIREES TO STEER CLEAR OF TECH STOCKS from Edupage

[Dave Farber <farber () cis upenn edu>]

Federal Reserve Chairman Alan Greenspan says it's not a good idea for people 
close to retirement to put too much money into high-tech stocks. "As you 
move closer and closer to retirement, you move to less and less risky 
assets. If you have everything in equities, if you have everything in 
Internet stocks, you're in real trouble," he told members of a House 
subcommittee considering Social Security reform. Greenspan's remarks in 
1996 on the possibility of "irrational exuberance" among investors sent 
global markets tumbling, but his statement yesterday appeared to have little 
effect on the tech-heavy Nasdaq, which was off only 0.89% Wednesday 
afternoon at 2239. (Reuters 4 Mar 99)