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Politics : Ask Michael Burke

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To: Richard Gampell who wrote (39919)	12/18/1998 1:59:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Rich, You are correct. Manic bubbles of overvaluation and manic depressions of undervaluation do, IMHO, make the equity worth less on average over the extremely long haul. Right now, of course, investors are believing some fantasy in their minds and ignoring the company reports. Ditto on the downside when Merck said they were going to have eps up 28% and the stock was selling at 8 times eps. Nobody heard the reality for the fantasy of imminent disaster. I don't really think the market is ever rationally priced. Rational price and fair value is simply the pole around which the wacky tether ball turns. How is that for a tortured analogy? <G> MB

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