To: Thomas Mercer-Hursh who wrote (44583 ) 7/17/2001 11:50:04 AM From: Stock Farmer Respond to of 54805 Thomas - I was characterized as underestimating the intelligence of the thread. The reason: for a benign comment that understanding of something complex was imperfect. Hmmm... seems that your post also implies that the understanding is neither uniform nor perfect. By ruthless inference, you too have underestimated the intelligence of the folks on this thread. At least, apparently, in Uncle Frank's opinion. How does that feel, huh? You're wrong, and not only that, it's because you don't think highly enough of everyone reading this post. Pretty special, to know UF has that opinion of you. Ok. Maybe that's not really his opinion, and he was merely taking a pot shot. Which I now suspect to be the case. Because indeed, I fully agree with you. It's nearly impossible for anyone to have a full grasp of such complex. Although as a group there is tremendous insight available by tapping the collective. I have no delusions of holding the grail or proffering up the right view. Or even that there is such a beast. I do think that the value of a thread is the ability to bring multiple views to bear. But I do have a view, my view, and offer precisely what I see plus some reasoning to frame my naive understanding. And one thing that I see is that not all on this thread fully understand something pivotal to investing. Which I don't understand either. But wouldn't it be a great thing to understand? So I hope for a rational, reasoned and logically connected reply. Thus to learn. And get a response I don't understand. Aaah... it's just a pot shot. OK. I can dismiss it as mere culturally sanctioned rudeness tangential to the learning process and not some aspect of investing that I have missed. Got it. Sticks and stones and names and all that. We can move on now. John.