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To: tyc:> who wrote (12006)	8/22/2004 5:51:16 AM
From: jrhana	Respond to of 312633

Stocks are just electronic pieces of paper (to repeat): <If you really think of it, when a stock doesn’t pay dividends, there really isn’t a whole lot of difference between a share of stock and a baseball card. If you put your Mickey Mantle rookie card on your desk, and a share of your favorite non-dividend paying stock next to it, and let it sit there for 20 years. After 20 years you would still just have two pieces of paper sitting on your desk. The difference in value would come from how well they were marketed. If there were millions of stockbrokers selling baseball cards, if there were financial television channels dedicated to covering the value of baseball cards with a ticker of baseball card prices streaming at the bottom, if the fund industry spent billions to tell you to buy and hold baseball cards, I am willing to bet we would talk about the fundamentals of baseball cards instead of stocks.> blogmaverick.com

To: tyc:> who wrote (12006)	8/22/2004 8:51:54 AM
From: loantech	Read Replies (1) \| Respond to of 312633

<Anybody who considers real estate a "paper asset" needs to have his head examined.> I guess I need my head examined. When buyers swamp the market with zero down financing and have zero equity and refinance at 100% LTV yes I would consider RE a paper asset. And yes I see a bubble in RE prices so let's watch the delinquency rates and default rates going forward to see if RE is a paper or hard asset for a lot of people, but not all. I guess when the Japanese bought Pebble Beach on one coast and the Rockefeller Center on the other coast, and then sold it at a steep discount they must have considered their RE a hard asset? LOL. More paper got shuffled. Plain and simple Paper......