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To: Don Lloyd who wrote (106956)	6/6/2001 3:26:03 PM
From: Ilaine	Read Replies (2) \| Respond to of 436258

Day trading isn't investing, it's gambling. The intrinsic value of a stock can be calculated as follows: P=D1/k-g, where P = intrinsic value (i.e., correct price) D1=next year's expected cash dividend k=expected annual rate of return required by shareholders g=expected annual growth rate of dividends There are other formulas, this is just the traditional one. Naturally, if you aren't expecting a dividend, you'd use a different formula, maybe discounted cash flow. It's a simple economic calculation whether you would be better off keeping your cash, or investing it elsewhere, and if so, where? What do the Austrians mean by "investment" that is different?