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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: Michael Watkins who wrote (48725)	4/30/2000 5:24:00 PM
From: Haim R. Branisteanu	Read Replies (1) of 99985

`Monetize Shareholder Ignorance' Buffett, who shuns technology shares, marvelled that Internet companies that couldn't borrow $100 million as private companies have market caps of more than $10 billion through initial public offerings. ``The ability to monetize shareholder ignorance has probably never been exceeded,'' said Buffett. ``It's as extreme as anything that happened in the 1920s. It's precautionary to us.'' Munger, who is renown as Buffett's normally taciturn sidekick, was animated during the six-hour question-and-answer period, particularly about the topic of excessive valuation in the U.S. stock market. ``It's hard to think of a time when stocks and real estate grew so rapidly,'' said Munger. ``It's as extreme as its been in modern capitalism. There's so much easy money around, it's a very unusual period.'' Munger said the recent tumble of shares of Internet companies may not be over and suggested there are more declines to come. ``We use the phrase 'wretched excess' because there are wretched consequences,'' said Munger, who compared the run up in technology shares to a Ponzi scheme and a chain letter. bloomberg.com

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