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Pastimes : Ask Mohan about the Market
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To: Zeev Hed who wrote (13960)2/10/1998 2:49:00 PM
From: Mike M2  Read Replies (2) of 18056
 
Zeev, when us bears speak of New Era rationalizations we realize that it starts with a reasonable idea taken to extremes. Wall Street and the mutual Fund industry promulgate these new era rationalizations because they have a vested interest in the continuation of the bull market. Later I will quote some Ben Graham but basically few stocks would trade at these multiples if it were a private transaction between informed businessmen with their money. The current situation is a casino ponzi scheme heads the Street wins tails the public losses. I understand your points with respect to taxation and such but taken to these extremes in my opinion it is like a Ponzi scheme. True wealth and productivity are created through savings and investment in productive capacity NOT the inflation of financial assets. Mike
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