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Technology Stocks : Nokia (NOK)
NOK 6.910-0.9%Nov 11 3:59 PM EST
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To: slacker711 who wrote (8543)12/14/2000 10:52:54 AM
From: Wyätt Gwyön  Read Replies (1) of 34857
 
It doesnt matter what the "inherent" value of the spectrum is, companies can only bid what they can afford

A good point, that. Operative word is "afford". What does it mean? In nonbubble markets, "afford" is determined by discounting future cash flows. In a bubble, it is determined by how much dumb money one can amass. Gresham's Law says the bad money drives out the good, and perhaps that is what happened in Switzerland.
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