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To: KeepItSimple who wrote (82553)	1/6/2000 1:40:00 AM
From: Tim McCormick	Read Replies (1) \| Respond to of 86076

The jig is up-seen globex? Somebody call the spoolice. We have a huge financial services industry built upon the multi-year momentum of the greater fool theory. There is no such thing as value. True value can only be found when the present value of projected dividend yields becomes competitive with junk bonds. That is a long way down my friend. The very theory that stocks even gravitate towards theoretical value in the long run is flawed. Current stock prices are set by incremental supply and demand. We have been in an environment where this mechanism has been skewed by a rare confluence of favorable demand factors. The new era in valuations is nothing more than an illusion of excess liquidity. The currency/bond vigilanties will impose discipline. Al.com has chosen to play chicken with the con game of fiat money. U.S. investors are completely in the dark as to the true mechanisms at work. They will buy all the way down as old world scholars laugh at the unraveling of the system.