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Strategies & Market Trends : ahhaha's ahs
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To: M. Frank Greiffenstein who wrote (274)10/17/2000 10:58:13 PM
From: ahhahaRead Replies (1) of 24758
 
Two years this guy Keith Hankin told me how wrong I was for panning DSL. He said TXN bought Avici to develop DSL, so therefore since TXN is mighty, powerful, and smart, and you are nothing, you are wrong. At that time Hankin was a software engineer for NSCP. I told him that he shouldn't be concerning himself with what he didn't know, but he should be looking for a job, because I knew the fraud owners would screw up. How could they succeed by whining to the government? When AOL bought them Hankin disappeared.

I've been panning wireless for a long time. There are niche markets where it's an ok business, but that's it. There is a clown on the ATHM thread who is upset with me because I told him that wireless was a fraud. Wall Street promptly ran the stocks up the speculative flag pole based on all sorts of imaginary nonsense. Now they are discovering they're holding busts.

They say the stock market is a discounting mechanism. That's Ron Insana's great discovery. He thinks the market looks forward and sees the truth. His view is worth a lot of money because he wrote a book and he is important.

The problem with claiming the stock market is a discounting mechanism is you'll never know what the stock market is discounting and so you can't conclude that it is a discounting mechanism. You can't even conclude that it isn't. You can't conclude anything. It's all more word drivel cooked up by people who will never understand this business, but find it easy to understand unicorns.

The term "discount" is not appropriately applied to the stock market. To a great extent that is true in the bond market too because secular forces overwhelm actuarial ones.
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