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To: Bill Harmond who wrote (96585)	3/16/2000 7:13:00 AM
From: Bearded One	Respond to of 164684

Fundamental to the belief that we're in a bubble is the belief that much of the money is being misallocated-- they go hand in hand. For example, I believe that Amazon is wasting every penny given to it. I also believe that Cisco will do fine without a market cap of almost half a trillion dollars. As far as productivity growing at historic rates, productiviy was growing at a higher rate before the market crash in 1929 as well-- it's just that people tend to become over enthusiastic when the economy is humming. For example, the money supply is supposedly growing at a faster rate than GDP. That's inflationary. I think that there's plenty of opportunities in the undervalued 'old-economy' stocks. There are insurance firms selling at below their asset value-- and we're talking financial instruments, not plants, so it's real value.

To: Bill Harmond who wrote (96585)	3/16/2000 7:13:00 AM
From: Bearded One	Read Replies (1) \| Respond to of 164684

Fundamental to the belief that we're in a bubble is the belief that much of the money is being misallocated-- they go hand in hand. For example, I believe that Amazon is wasting every penny given to it. I also believe that Cisco will do fine without a market cap of almost half a trillion dollars. As far as productivity growing at historic rates, productiviy was growing at a higher rate before the market crash in 1929 as well-- it's just that people tend to become over enthusiastic when the economy is humming. For example, the money supply is supposedly growing at a faster rate than GDP. That's inflationary. I think that there's plenty of opportunities in the undervalued 'old-economy' stocks. There are insurance firms selling at below their asset value-- and we're talking financial instruments, not plants, so it's real value.