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To: CIMA who wrote (1430)	5/17/2000 11:49:00 AM
From: Tommaso	Read Replies (1) \| Respond to of 2182

[The following post was meant for the "Stock market Bubble Thread" and posted here by mistake.] "But for now, any attempt at selling short this market can be viewed as nothing short of suicidal." The combination of pretended objectivity using the passive voice ("can be viewed") with exaggeration ("suicidal") is not particularly convincing. I notice a deep reluctance on the part on anyone whose fortunes are tied to the market indexes to admit that anything could ever bring them down. A column yesterday by George Will that attacks the recent book, Irrational Exuberance, exhibits an unwillingness to entertain the idea that the book might have something to it. About 90 percent of the investing public agree with Will. This is what you call "groupthink," and is essential for the existence of any kind of popular madness. By "madness," I mean agreement on a concept that is not to the ultimate advantage of those agreeing. A stock is a unit of ownership in a company. It is only valuable if the company can prosper and make enough money so that ownership of the stock returns more in dividends and capital appreciation than bonds or a bank account would. The great majority of stocks are now priced so that this is most unlikely, even given enormous increases in profitablity. And many of the newer companies will never make any money at all.