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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: David Wright who wrote (10607)	5/1/1999 11:40:00 PM
From: Clever Nick Name	of 14162

As one engineer to another, I think you are extending thermodynamics way beyond the very narrow field it was intended to describe. Entropy always increases, but try to explain babies using only the laws of thermodynamics. Converting clay to pottery, iron and coal to steel and bits of sand to computers, fibre optics and eventually a world wide communication network are rather dramatic examples of decreasing entropy and increasing wealth. People just plain violate thermodynamic principles. As for the market being a zero sum game, this is certainly true; But you must account for inflows and outflows of money. The massive inflow of fresh capital is the major reason for the current boom in market valuations. Never forget that money is just a symbol. The cost of printing $1 bills is the same as a $1 million dollar bill. What the money is worth is a function of the wealth generated by the economy versus the fresh symbols printed by the government.

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