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To: KeepItSimple who wrote (74607)	8/19/1999 1:38:00 AM
From: Eric Wells	Respond to of 164684

From Devil Take the Hindmost: "Charles Kindleberger, in his book Manias, Panics and Crashes, suggests that speculative manias typically commence with a displacement which excites speculative interest. The displacement may come either from an entirely new object of investment or from the increased profitability of established investments. It is followed by positive feedback as rising share prices induce inexperienced investors to enter the stock market and results in euphoria - a sign that investors' rationality is weakened. During the course of the mania, speculation becomes more diffuse and spreads to different classes of assets. New companies are floated to take advantage of the euphoria, investors leverage their gains using either financial distress which is the prelude to the onset of a crisis." For anyone speculating in this market, you may wish to consider reading Devil Take the Hindmost by Edward Chancellor - the book provides a very good overview of historical financial bubbles (Tulip mania, the South Sea bubble, the Railroad Mania of the 1840s, the 1929 crash, the 1980's Japanese bubble, etc.). On Barnesandnoble.com ($17.50): shop.barnesandnoble.com On Amazon.com ($17.50): amazon.com I bought my copy at the Borders bricks and mortar bookstore down the street. -Eric