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Pastimes : Ask Mohan about the Market

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To: Bilow who wrote (9655)	11/28/1997 9:35:00 AM
From: Joseph G.	of 18056

Carl, <<It just seems to me that with P/B way over unity, it makes sense for companies to sell stocks and increase their business until this is corrected. Stocks are so easy to produce, why don't businesses take even more advantage of investors while they still can?>> It would make sense for the Co., but may not be the most profitable for insiders with stock options. Example: IBM. But, there are many Co. who do have large secondury distributions, for an example look at RATL. They sold 5 mil. shares roughly a year ago at $44 and the stock tanked to ~10. Most of RATL's book is proceeds from that distribution. And I agree mostly with <<it is now instead limited by the availability of suitably inclined and capable people.>> As for <<when they start making computers smart enough to do independent research and development?>> I can only say that so far, computers are tools only, and the tools can be used only to solve specific problems, general solution to which is already known. However, formulating the problems, or discovering new phenomena still requires capable humans. Joe

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