Wow, Joe, that was a very eloquently composed pile of meaningless gibberish. Yes, equities had wacky market caps with no reflection of reality. But it was Fleckenstein and his realist ilk who were pointing this out all the way through the mania. And it was the bozoes like Mary Meeker, johnd, and you, Joe, who insisted all along that the overvalued tech stocks, like MSFT and all the rest, deserved their wacky market caps and that those market caps could continue to grow and grow to infinity.
Fleckenstein has not changed his tune. He has continued to tell it like it is. If you call that sabotage, then you have just redefined the term in a bizarre way. And if you call realism "sabotage," I wonder what you call the denial of the permabulls like Meeker, johnd, and yourself?
Dave |
