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Technology Stocks : RRRR: Rare Medium Group (soon to be) formerly ICC -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Miller who wrote (831)	9/27/1999 9:39:00 AM
From: Mahatmabenfoo	Read Replies (2) \| Respond to of 1150

> are as touch with reality, as the traditional valuation out of touch with reality, maybe, but not out of touch with history, as maybe you are. Does the word "tulip bulb" meaning anything to you? Do you know what the Marx Brothers movie "Coconuts" is about? Okay, here's an easier one: how about October 1929? You know, the year stock prices crested in August, started to dip in September... One of the interesting things about 1929 was the reassurances that experts gave that the high price of stocks really was based on something. Prohibition of booze was supposed to help efficiency; technology was supposed to lead the way to a new era (consider that radio in the 20's was at least as new and as culture-changing as the internet today); but mostly high prices were okay because experts said they were okay. "We seem to have reached a permanently high plateau", was one respected quote. Then Fall came, the season, and the price trend... The article you refer to is very interesting, but mostly it says that stocks may be "only slightly overvalued" if one gives more value to intellectual property and to R&D. But that doesn't explain Yahoo or its ilk (what software do they have? what R&D? billions of dollars worth? pah-leeze!), and it double-doesn't explain RRRR, whose main hope is the catch the wave of fantastic valuations by hoping to invest in the Yahoos of the future. And if Steve Ballmer doesn't think Microsoft's R&D (which is big) and its software justifies its stock price, who are either of us to disagree? Speaking of "yahoo" that phrase also had a different meaning in the 30's -- anybody know what? I think saying "he's a real Yahoo" meant "a real country bumpkin" or "real idiot". Funny the way language works... - Charles