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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: BGR who wrote (68722)	10/6/1999 7:02:00 PM
From: Greg Jung	Read Replies (1) \| Respond to of 132070

BGR when you have significant proportion of stocks in a given sector (semiconductors) swinging by factors of 3-10, I believe you can safely conclude that value and price have only chance correlation. When you have stocks that purport to value companies at 10x cash flow in one segment while in another segment capital is tossed away towards a group of no-account enterprises that will never earn, even accumulated over the lifetime of the collective enterprises, one quarter's worth of what the low PE stock is, and we call it the "modern era" - when such absurdities area presented via the "markets" on a daily basis one can be sure, in the Calvinist tradition, that Bad Things will happen. It is inevitable, however just as inevitable and as far away as the ultimate collapse of the universe (before serious doubt was raised as to whether the universe is really closed - a more comfortable thought for some reason), it all seems like a long ways away, and as the days of October tick away, even more remote.