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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 374.22-0.2%Nov 21 4:00 PM EST
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To: dvdw© who wrote (86197)1/23/2012 5:25:18 AM
From: Haim R. Branisteanu1 Recommendation  Read Replies (1) of 217918
 
Sorry dvdw, but could you explain in plain English what you mean?

In any case my point was that at the time stocks seemed to me as overvalued on a fundamental basis, and wanted to prove my point based on a longer term time span representing the pricing of some very aggressively promoted "investment themes" by WS which for all purposes failed to live up to the investor expectation even that certain companies still have a very sound business.

True that since stocks representing equity valuation of a company transcended into a more "option like proxy" of anticipated business by those promoting the company and an arbitrage with the underlying interest rate.

It is my personal observation that growth of the pension fund industry and the perception that profits at businesses grow faster than a country GDP brought about the notion of valuation based on future prognostication with complete ignorance of the developments of new technologies and preferences of the consumer at large which drives demand for a certain product.

A classic example now is Google and Apple and before that the pharma companies, or Cisco and Intel which where the darlings of WS.

If your intention was to make a point that all I write is hubris then best luck to you and there is no obligation to read what I posts and you are welcomed to put me on ignore.

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