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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: KeepItSimple who wrote (79035)12/9/1999 8:15:00 PM
From: BGR  Read Replies (2) of 86076
 
KIS,

I thought that you just doubled or tripled your portfolio by betting on Internet calls. So I surmised that you were rich. Perhaps I was wrong.

If you think that every American is speculating in Internet stocks, you are laughably out of touch with reality. Household owenership of equities is still less than 50%, and majority of that is through company retirement funds, only a few of which allow direct equity investment. 90% of the mutual funds that such retirement plans allow are trailing the S&P500, which didn't return anywhere near 50% this year. The media makes it sound like every second person is now a millionaire from investments. Which is absolutely untrue. Just watch the IRS statistics if you really want to know what is happenning to the economic scenerio. It is that a handful, some 5% of the population are getting richer and richer and the income gap is increasing. It seems that you can identify more with that 5% group. So?

-BGR.
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