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Gold/Mining/Energy : Gold Price Monitor
GDXJ 144.21-0.6%Jan 26 4:00 PM EST
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To: gilbert leblanc who wrote (80270)12/26/2001 7:39:23 PM
From: Don Lloyd  Read Replies (1) of 116922
 
gilbert -

In other words, the return of all business combination should be near the average return of their shareholder's equity (The collectivity of winners have a better return then the collectivity of losers, and this why the net result - on the long term -, is a positive one and not a negative one.

I think that the normal expectation is that the overall return should approximate that of risk-free treasuries, i.e. an economic profit of zero. However, at times in which the FED is inflating and depressing the interest rate below the market rate, too many marginal business investment decisions will be made to proceed and this will result in an abnormally high rate of failure.

Regards, Don
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