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Technology Stocks : Frank Coluccio Technology Forum - ASAP
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To: Frank A. Coluccio who wrote (808)12/24/1999 2:41:00 PM
From: Raymond Duray  Read Replies (1) of 1782
 
Hi Frank,

Re: Margin accounts.

Many pundits ponder the possible permutations of plausible putrescence in the potion of public markets machinated by margin.

I looked into this.

At present, about $304B worth of equities are owned on margin. The NYSE and NASDAQ combined have a, er, nominal "value" of something north of $17T (The NYSE being $13T of this). Doing the math, we discover that this extremely specucative and mad gambling sector of the equity markets amounts to about 1.7% of the entire market.

Whenever I read a pundit lamenting the mad excesses of margin, like a Yardeni, for instance, I immediately write the author off as hopeless clueless. It helps to cut down the reading load dramatically. I've also written off Alan Abelson, Jim Grant, Richard Russell and Michael Murphy, among others, for similar reasons. These khats have readers who are looking for something other than a clue as to what the future will bring.

Felice Navidad, Ray
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