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To: Rarebird who wrote (80546)	12/20/1999 7:14:00 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 86076

sorry, but i disagree...i know, the internet is an invention of considerable import, but so was electricity, the car, the airplane...and every single time investors have gone gaga over these things. open-ended fantasies coupled with plenty of easy money from the Fed have that effect. basically what you have just told me is that the new era has broken out...it has, in some ways but not in others. the speculators of today are not much different from the speculators of yesterday. that's the one constant we can observe throughout history, namely human nature. it doesn't change. has the car gone away? no it hasn't...but where are the 15,000 car companies that existed in the 1920's? my point is that even though we have a technological revolution taking place, i still hold with Buffet's idea that over time, an investment is worth what it can earn for you and even then it has to compare favorably with whatever riskless rates of return are available. who knows what they internet co's will earn? if they ever earn a dime, that is... of course, there's no limit to the fantasy...as the prices of the stocks concerned amply demonstrate. the y2k issue is of course a separate one, and there's no need to guess what will happen. we'll know soon enough.

To: Rarebird who wrote (80546)	12/20/1999 7:32:00 PM
From: Ken98	Read Replies (2) \| Respond to of 86076

<<The Information Age has created a whole new set of values...>> What values would that be other than mindless greed? Ike, we are not at the altar of stupidity. Rather we are humbled at the altar of greed. This greed is evidenced by the selection of a central banker as "Biography of the Year". It is evidenced by the selection of a book salesman, stock hustler as "Person of the Year." Magazine covers cry out "Are we rich enough yet?". The most popular TV show asks if you want to be a millionare. Greed is everywhere. It has oozed into every aspect of our culture. We are truly witnessing something historic here - never before have all of the organs of society been so actively involved in the creation, maintenance and perpetuation of a mania. Government. Media. Investment Banks. Retail Banks. The Central Bank. And to answer the initial question, yes there are limits to this - when and where those limits are reached who knows. But, like a rubber band or a spring, the further those limits are pushed the more rapid and violent the ensuing counter-motion will be. Regards, Ken.