Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger A. Babb who wrote (8036)	4/30/1998 11:18:00 AM
From: phbolton	Read Replies (1) of 18691

Roger et al. IN the first quarter the US economy grew about 3%. The GDP is about $8 tril so the net growth was about $8 bil times 3% times 1/4 or $50-60 bil. The market cap of MSFT grew by $55 bil in the first quarter. One effect of the enormous rise in market caps over the past many years is that the valuation of the markets is now growing in absolute terms, not just percentage terms, many times faster than the GDP. This has never happened here before. (It did happen, of course, in Japan but "its different this time")

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