Clown-Free Zone... sorry, no clowns allowed Message Board

STOCKTALK

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: UnBelievable who wrote (659)	6/25/2000 1:26:00 PM
From: Ilaine	Read Replies (2) of 436258

The little lady doesn't believe that interest rates, foreign exchange rates, the money supply, the trade deficit, or GDP growth have any effect on the stock market - and why should she? For the length of time she's been in the market, they haven't. As far as she can see, what keeps the market up is optimism. Again, why shouldn't she believe that? For the length of time she's been in the market, she's right. Don't know if you were reading the thread when someone posted the link to the guy on a Yahoo board who said, "we don't care P/E anymore." They REALLY don't care macroecomics anymore, either. BTW, good article. >>If stock prices are not determined by profits, current or future, then a stock can come to hold any price at any time. Microsoft shares can as easily sell for $1.50 as $500. There are few serious people that would want to be identified with a position like this, and even fewer who would keep their money in the stock market if they actually believed it.<< I would love to read an intelligent refutation of this argument - if that's possible.

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