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

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

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To: XBrit who wrote (32083)	10/29/2000 12:03:06 PM
From: Archie Meeties	Read Replies (2) of 436258

As you say, TA works because enough people believe it works and thus an indicator becomes a self-fulfilling prophecy. It is a form of religious belief, complete with its own rituals and emotions. Maybe TA has been more reliable in the past few years, but I wouldn't take this to be a reflection of better TA. This reflects a shallower approach to understanding valuations and the deterioration of FA as a reliable method of understanding the market. This, in turn, is a reflection of the change in priorities of corporate America. The primary goal of many, if not not most, companies is not to improve the fundamental strength of their business, but to drive their share prices to higher and higher values. The vision of corporate leaders has grown dimmer and dimmer, and consequently the amount of corporate debt which will never be repaid is growing larger and larger. Of course it seemed as if the internet and technology were real reasons for a meteoric rise in share values. But that is to put the technology before the greed. Truth is, greed and massive credit expansion came first, and the sell came later. The product was irrelevant.

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