How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 496.92

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Nov 7 9:30 AM EST

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To: ed who wrote (37304)	1/31/2000 7:28:00 PM
From: yard_man	Read Replies (1) of 74651

Productivity may be a little overstated ...is that possible? I think it is human nature to think that innovations are greater than they actually are. All bull markets end as do bear markets while the world continues ... people are always given to excess one way or the other. What do you think makes this time different? Are we about to usher in some utopina age or something? When interest rates are kept artificially low -- see the FED (not the market -- the market tried to adjust things properly several times during the course of the last few years -- even last year the long bond rose significantly while the FED couldn't get a clue and continued to pump the money supply) investment in ventures that have no reasonable chance of providing a good return on the whole are made to an excessive degree -- witness the ability of the dot.com's to raise equity capital by simply having a dot.com in their name. To think that this is efficient is baloney. The standard's being used to evaluate the worthiness or expected returns today are substantially altered from those of a few years ago, not because there really is all this wonderful potential out there, but because there is a very easy flow of credit. You want to "believe" because you have to believe to keep investing or stay invested in this credit-swelled bloated pig of a market --- stocks will be a good value again. I'll wait ...

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