Britt, they just can't sell much, anyway. On Mo, less than 1% of market cap was traded, and much of it in day trades, round trips. If they sell just 10%, Dow will be driven to ~4,000. And, there is always a net sothing taken out of the market by retirees, brokers, etc. It used to be less or = than dividends (3 or 4%), but now div is under 2%, so there is net outflow in that.
And techs (and some non-techs) are just priced ridiculously. When in 29 RCA was bid to P/E = 34, people could not believe so high P/E (with long bonds at 4.5 - 5%), now large caps got to 50 and 60.
Joe |
