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To: Don Lloyd who wrote (83054)	8/17/2000 1:05:36 PM
From: Michael Bakunin	Read Replies (1) of 132070

Markets, especially liquid markets, provide a floor to subjective values. Concretely: I collect phonogram records. I have several for which my subjective valuation might be $1 or so that I have great confidence I could sell for an order of magnitude or two higher without undue difficulty. In the presence of the extremely liquid securities markets, such floors take on even more weight. -mb

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