I was neither surprised nor much upset by what happened yesterday. A marked drop in the Internuts and the high end of the tech spectrum, without an overall market dive, would be one of the saner things that could happen to today's market, IMO, and I wouldn't mind seeing it repeated a few times.
Yes, Steve, but you know that is not the way it happens. Investors do not just suddenly decide to punish specific companies that have gotten too big for their boots.
What does happens is that along with these overblown stocks, a lot of relatively low p/e stocks, in undervalued companies, get smashed in the panic, in indiscriminate mayhem. Now, I don't own any of the companies you mention, and I have just one "internut" (bought in a weak moment). Yet my portfolio of individually owned stocks was down over 5 percent yesterday. My mutual funds, which over all probably have a heavier weighting in high-flying tech stocks and internuts, did better...Go figure..
Sanity? I would not expect it from this market...
Joan
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