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Technology Stocks : AUTOHOME, Inc

ATHM 20.75

+0.4%

10:56 AM EST

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To: Jing Qian who wrote (13779)	8/9/1999 3:32:00 PM
From: ahhaha	Read Replies (1) of 29970

Your summary completely missed what I was saying. It had nothing to do with whether technology solves problems. It obviously does. Problem solving isn't at issue. Nothing to do with good and evil. None of the things I mentioned is either good or evil. If you ask Russians many even now prefer their lives under the Soviet Union. It's all about whether you want your life sacked for the pleasures of future generations for the ideal of fairness. Prosperity is relative so you can't create it by good intention. The default situation is continuing rise in prosperity regardless of what central banks do. That wasn't the point. It's the point of how you get from here to there. It is like ATHM. If the company takes you through years of psychological hell on the way to "riches", what have you paid? You could have gotten a second job and made the same with less grief and effort. Where did I predict a long term down trend? In 1968 you should have heard everyone proclaiming the same sorts of things you were hearing earlier this year. Then the market went sideways for 13 years. During that period there were two bull markets and three bear markets. Sideways was enough to completely change the attitude among the public that stocks were great to stocks were awful. It is likely we are entering an extended phase of sideways. In so many years we'll see how rational the machinery leaves you. It destroys just about everyone who stays near it. It's a science in its own right to be able to be around it without being destroyed. No one tells you this because they think it casts them in a negative light. These foreign countries don't need to have an extensive infrastructure for the companies domiciled there to demand compensation structure commensurate to the world level. In fact, it is already happening. The people who work at these companies may be the relative rich within their local societies, but they will demand compensation increase regardless of its local buying power. It is a matter of the psychology of "fairness", and that is the essence of my whole thesis. It is the absurdity for anyone to believe they know what is fair and then to have the power to extract fair out of someone else's hide.

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