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Technology Stocks : 2000 Date-Change Problem: Scam, Hype, Hoax, Fraud
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To: Bill Wexler who wrote (899)10/8/1998 10:36:00 PM
From: David Eddy  Read Replies (1) of 1361
 
Bill -

I was and continue to be 100% correct about the Y2K hoax.

I was and continue to be 100% correct about shorting the Y2K scam stocks.

I still await your definitive reply as to what the connection is between these two statements.

Certainly you're not trying to convince anyone (absolutely NOT me) that activity in the stock market as shown in stock prices has ANY connection to reality?

True story (just can't remember the precise date after two glasses of wine)... a while back I saw a presentation by Mark Holowesko in which he pointed out that in the first 8/10s of the century the average down market was something like 28 months and in the past 15 years we've had two down markets of 3 months each...reach your own conclusion.

I see that we're approaching the end of the mother of all financial bubbles (see Charles Kindleberger's "Manias, Panics & Crashes"). Y2K stocks were blown into the stratosphere. Revenues to support such grossly inflated expectations (100+ P/Es are normal right?) haven't materialize, so Wall Street's attention shifts to the next fad.

And what, oh what does the performance of stock prices have to do with Y2K being a hoax?

Y2K is about 20-30-40-50 years of deferred software maintenance.

Software projects are dependably late. Big software projects are later. If you can offer substantial evidence that this statement is incorrect or inaccurate, please set me straight.

- David
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