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To: Rarebird who wrote (80534)	12/20/1999 6:02:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Rarebird, well, i agree on the divorce from the fundamentals and the time around which it was achieved...but does that really mean they're gone for good? after all this is not the first time that a market has gone gaga and somehow i believe there are limits to this. as others have remarked before me, if certain stocks continue to rise at the rate they have this year, every single one of them will surpass the GDP of the U.S. in terms of market cap in a few years time, and even the crazy nation of traders will possibly notice that it has gone a bit far before then. as you say, everybody is in the inut stocks, with the exception of perhaps the people who'd never touch them anyway. if everybody is already in, who is left to buy? the pool of greater fools is finite after all. apart from this, the U.S. stock bubble can not exist in isolation, meaning that it can not exist without foreign participation. i'm risking to sound like a broken record here, but a record high current account deficit makes the continuation of the foreign participation ever less likely. in the case of the bond market, the exodus has already begun. foreign buying of U.S. stocks took up the slack from reduced domestic mutual fund inflows earlier this year and has added fuel to the fire since the October low. will none of the exalted investors in the hope-and-dreams contingent on the NAZ ever blink? anyhow, thanks for pointing out that we may have to move our dire predictions of a looming collapse about ten years to the right...<ggg>