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To: Stock Farmer who wrote (118849)	5/16/2002 1:19:23 PM
From: carranza2	Read Replies (3) \| Respond to of 152472

How can one be objective if the market is essentially a crap shoot? There are degrees of objectivity--I wouldn't invest in a buggy whip maker--but at the fringes luck is as much an issue as analysis, or did anyone here predict that Lands' End would be taken over by Sears? Then there are times when the market is irrational. The recent bubble is a great example. Would not an objective investor recognizing the bubble ride it for whatever it was worth? Objectively, however, how does one know when to step off the rocket before gravity takes its toll? I suggest that "objectivity" exists only in the larger sense i.e., the dividing line between fools and reasonable investors. Judgment and luck take over in the smaller sense. Is the most "objective" investor one who makes the most money? In the very, very long run, perhaps so. In the near and middle time frames, he's probably only a lucky guy.