Joe: I only surveyed the table of contents. Apparently, the article
is recommending avoiding certain "overvalued" blue chips (Coca-Cola,
Microsoft?) and looking at others with less lofty multiples. Of course,
it is now widely reported that Microsoft itself has refrained, of late,
from purchase of its own stock, admittedly due to the high price of
the shares, this according to Microsoft's chief financial officer- to recall
it.
In a wacky, albeit telling, vein, Sunday's NY Times wasted
considerable ink and paper attempting to extrapolate when Bill
Gates might become the world's first trillionaire. Guesses ranged
between age 66 and 98, if memory serves. However, as J. Paul Getty
once said, "A billion dollars isn't what it used to be." John D.
Rockefeller, Sr.'s net worth constituted 1.5% of US GDP in
his day. Bill Gates's billions, only .6% of present US GDP. |
