Steve,
Big picture: We have just gone through a mania, a bubble, an episode in societal delusion. Same as the Japan bubble of '89, the Nifty Fifty Bubble of '69, the Radio Bubble of '29, the Steel Bubble of '07, the Railroad Bubble of '73, the Canal Bubble of 1810, the South Seas Bubble of 1720, the Mississippi Bubble of 1720, the Tulip Bubble of 1634. If you catch my drift. The bloom is off this, and all that's left is the rosacea on the face of the fools.
Here's a bit of trivial for you. Where and when did the term "lame duck" enter the English language? It was in 1720, when locals watched the ruined speculators crawling out of Exchange Alley in London, as they were told what their shares of stock in the nearly defunct South Seas company were now able to get in the market. About 2 pence on the pound. Before they quite quoting it. What's AMCC worth if they are growing at 5% per annum and aren't able to maintain margins? About $5 a share. This isn't a prediction. This is merely a prospective view of where we are headed. BTW, have you bought any good steel, radio or canal stocks lately? No? Me either.
Denial - Heck, that's a river in Egypt.
Best, Ray |
