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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Rarebird who wrote (80546)12/20/1999 7:14:00 PM
From: pater tenebrarum  Read Replies (3) of 86076
 
sorry, but i disagree...i know, the internet is an invention of considerable import, but so was electricity, the car, the airplane...and every single time investors have gone gaga over these things. open-ended fantasies coupled with plenty of easy money from the Fed have that effect. basically what you have just told me is that the new era has broken out...it has, in some ways but not in others. the speculators of today are not much different from the speculators of yesterday. that's the one constant we can observe throughout history, namely human nature. it doesn't change. has the car gone away? no it hasn't...but where are the 15,000 car companies that existed in the 1920's?
my point is that even though we have a technological revolution taking place, i still hold with Buffet's idea that over time, an investment is worth what it can earn for you and even then it has to compare favorably with whatever riskless rates of return are available.
who knows what they internet co's will earn? if they ever earn a dime, that is...
of course, there's no limit to the fantasy...as the prices of the stocks concerned amply demonstrate.
the y2k issue is of course a separate one, and there's no need to guess what will happen. we'll know soon enough.
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