<<in a sense, yes. but that doesn't mean that insane bubble valuations is the outcome. what i meant by rational markets are non bubble type markets which are the norm. >>
oh ok, well I certainly agree with that!
<<again, nobody knows exactly what fair value is. this ought to be obvious and self evident, too. however, there are rational bounds to both the upside and down side and the markets are in those bounds MOST of the time, although not recently. >>
yup!
<<rational markets are "non mania markets." or, another way, "non-irrational markets." >>
see, I thought you were talking about "rational" in the literal sense, which a small no of academics actually believe we have.
>>If we did there would be no or very little risk, and thus no or very little opportunity for reward.<< -- VL
This coment of mine was directed at what you were calling rational markets, so it was not intended to sound like it did- I meant it in regard to more "normal" makrets, not bubble and bust extremes.
<<however, most folks want the market to be a casino now b/c their GREED has taken over. 15% annual returns are for dolts, right. we all want som high octane gains, baby. master of the universe gains! >>
i don't want that. I actually have done much better when things were more sane, market moving less crazily either way...
Victor |
