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To: marek_wojna who wrote (6083)	7/20/2001 12:16:37 AM
From: Mark Adams	Respond to of 74559

Ask maybe was the wealth there in the first place, or was this promise of wealth? (broken promise) I see it not so much as a promise or implied wealth, as a confusion on the part of some investors. The person buying thinks the company will be worth more tomorrow. I don't know that anyone promised that person the company would succeed. It's the guy who bought at $20, seeing someone else buying at $200 and thinking that must mean that all the stock is worth $200 at that point who gets confused. He marks his networth up by $180 and whistles off to the local diner for a nice bottle of wine to celebrate. But in many cases, especially with the small floats common on the late stage ipo's, there is no way $200 could be a market clearing price for the entire slug of stock issued by the company. That $180 isn't promised wealth, unless he sold the shares. Might be implied wealth. Definitely subject to revision as future events unfold... If anything, us little shareholders are at a disadvantage, IMO. Management takes our money, tries to make a go of it while paying themselves a rich salary plus benefits, and awards themselves equity to align their interests with ours. Management has the inside track. Still, many little investors have improved their lot by contributing to the group effort- creating jobs and products or services in the process by sharing their savings rather than burying them in the backyard.