LOL. Were this a penny with no track record....let alone a current quarter blowout...I'd agree.
However, if you've not been on top of ORCL's movements the last 6 months, you're naturally inclined to assume the worst.
If ORCL is a pump and dump, then the whole freaking market is (which you'd find a lot of people in agreement on). However, I still believe the market/economy is undergoing a phase transition, during which speculative fervor tends to hit high notes. This transition is still very young, with its truly high points still to be met.
ORCL, being one of the lead companies in this transition, will naturally be one of the top growth firms.
In addition, you have to consider the growth of the individual investor and the "greasing of skids" for the market in general through the use of the internet. The cost of entry and transaction, when it came to the market, was once very high and prohibitive. Now it is very low. This has improved information, communication and cash flow. Most of the multiples we're seeing are a result of that.....and it is something that is likely to continue for some time to come.
Markets were once a rich man's game, designed to keep them rich and not let others get rich. The rules have been altered somewhat, and capitalism has become a bit more democratic. |
