a private response from an insightful friend.....
>> The prices of the stocks that we own are controlled by people with
vested interests and poor track records <<
This is the most incredibly, inefficient, pathetic capital market in
the history of, well,
history.
the gap between the value that's being created, in aggregate, in
this industry, which is
staggering, and the ability of institutional and individual
investors to intelligently allocate
capital in this area is as if they were at opposite ends of the
universe.
that leaves the capital market open for hypesters, hucksters, big
money "smart" folks,
jerks, and even crooks, to make money, to be gurus. meanwhile these
folks at these
companies huddle around their lab tables and computer screens and
change the world. |
