i posted realistic analysis, you just want to hear your gonna get ur muny back on these bubble stocks you bought much higher, thats realistic analysis to you.
for about 3 or 4 years now the public has been under a mass delusion, valuing stocks based on anything other than sound business principles, trying to rationalize why price earnings ratios should be much higher than historic norms in a new era (some dopes wrote a best seller book about that - great contrary indicator),
same thing happened at the 29 top, same thing happened at the late 60's top.
now i believe the top is in and we will be getting p/e compression to get back to historical norms.
that's what is rational, what is irrational is the people that believe that WS is paved with gold and you just buy and hold, that works during super bull markets, but not when the cycle turns the other way.
what is irrational is the argument of all the bullz at the top, go back to the tulipmania thread and read all the bullz arguments between december 26th, 99 and mid january 00, the links that i gave, these people told me i was a quack and they were the "voice of reason", i was chicken little -lol-
read how they said the profit loss statement and balance sheet was no longer a valid business document or way to value a company.
even after a 60% nas haircut bulls still are saying the same thing,
gonna go back to the scene of the crime on nasdaq, the 98 bottom at least, although i think the bubble started more like 96 or 97. |
