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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: marek_wojna who wrote (45812)2/7/2004 8:14:39 PM
From: Maurice Winn  Read Replies (1) of 74559
 
Marek, what Microsoft is paying now and what QCOM is paying now and what the gas pipeline is doing now are irrelevant. Predicting and creating the future is how the money is made and the present is created [when the present arrives in a few years].

The net present value of MSFT, QCOM and the pipeline is determined by the money which will come in over the next 20 years. What came in last year and the year before that is irrelevant.

In 1900, a good bet would have been to invest in horse shoes based on the previous 10 years of profits. But not many decades later, the number of horses on the street had dwindled to near zero and tyres were shown to be a better investment.

Mq
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