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Technology Stocks : Dell Technologies Inc.

DELL 115.39

-1.5%

Jan 23 3:59 PM EST

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To: MichaelW who wrote (40420)	5/5/1998 1:34:00 PM
From: Chuzzlewit	Read Replies (2) of 176388

More likely he thinks the glass has a hole in the bottom. He is correct about speculative bubbles. The problem is identifying a speculative bubble. If you want to draw an analogy to tulips, gold would be my choice. This is a metal with extremely limited industrial value. It was trading at over $700 a couple of decades ago. It produces no return (like profits and cash flow). A couple of millenia ago Romans used salt for the same purpose. The word "salary" is a remnant of that. Roman soldiers were paid in salt. But here is a question to mull over: what is the value of anything? What is there about a bottle of ketchup which is selling at the supermarket for $1.69 that makes us say the ketchup is worth $1.69. Nobody I know of sits down and analyzes the ketchup from the point of view of the value of its ingredients (and even there, you are stuck with the same conundrum). In other words, "value" is a consensus arrived at through free markets. The stock market is a free market whose function is to allow a consensus to be formed. Therefore, the value of anything is its going price, and questions of valuation become pedantic exercises devoid of any real meaning. TTFN, CTC

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