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Strategies & Market Trends : Roger's 1998 Short Picks

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To: dumbmoney who wrote (17850)3/23/1999 5:13:00 PM
From: Zeev Hed   of 18691
 
dumbmoney, I am not sure Victor is so wrong. The Wilshire is total capitalization (shares time price per shares), the total number of shares is all ne issued (do we adjust for splits?), with major acquisitions, and major buy backs by large outfits it is quite possible that the number of shares has not increased by much despite all the new offerings.

Of course, we have those floorless giving birth to about a billions new shares (I know one company that went from 25 MM shares to 175 MM shares new shares , thus by itself adding in the last 2.5 years 150 MM shares) and I do not think that all the buy backs plus all the acquisition in the last two three years amounted to a billion shares (some acquisitions were big, but in many cases new shares in the acquirer were created, few went for real cash, including Chrysler).

Zeev
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