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To: Earlie who wrote (81052)	12/23/1999 5:49:00 PM
From: Rarebird	Read Replies (2) \| Respond to of 86076

The typical person who is invested in internet stocks has absolutely no understanding of finance whatsoever. I have tons of customers who have become multi millionaires and they do not know what a PE Ratio is, Cash flow, Price to sales,etc.... I could go on and on here. I saw this happening back in 1997. Here was a post of mine back then on the Millenium Crash thread: To: Joseph G. (862 ) From: Rarebird Friday, Sep 19 1997 12:28PM ET Reply # of 4770 Joseph, the market has always been ( till now ) a discounting mechanism. But we are in a so-called "new era" now or mania where speculation rules and hardly anything gets discounted except making a profit. The public, which is in mostly over its head, has been drugged by the media and mutual fund industry into thinking that stocks go up over the long term, in spite of short term setbacks, or crashes. Illusions, like these are only broken when the handwritting is completely on the wall and it is clear as noonday light for all to see. In other words, I think the market has temporarily suspended its discounting mechanism, which is common when it enters its last great blow off stage in a bull market. Your points are well taken. I agree with you 100% fundamentally speaking. I just think your underestimating the mindset, values and backbone of these investors. OK they have no values. OK they are mindless. I agree. You can't even have a discussion with them. The case is closed. Sometimes I think your not just fighting the naive and ignorant; but the System. Your up against the Whole System here from Slick Willie down to the small fry. I know the whole story here. Sure I trade these Sicko Bubble Fruitcake stocks. But I wouldn't hold on to this garbage for more than a week. The shorter the holding period the better. I'm scared sh$t because I know what's going on here. How do you beat the System or New Era? The philosophy of new era is that nothing matters except putting your money in Internet Stocks.