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To: Jack of All Trades who wrote (4557)	12/17/2004 11:38:48 AM
From: Gersh Avery	Read Replies (2) \| Respond to of 12410

I'm not sure .. here was the post I made: -------------------------------------------------------- The actual earnings of the NDX may be $0 after you include stock options .. That makes the majority of the US stock market just a gambler's game .. -------------------------------------------------------- The part of the post about earnings .. I never did the number crunching .. It's an old topic. Two or 3 years ago this whole argument started up about including employee options as expenses. At that time someone I respected here on SI (and I don't remember who..) posted something to that effect. It would not have been exactly $0 .. Whatever the amount is, added expenses will lower earnings statements. Think "Almost every company just announced lowered earnings at the same time." Not that it wasn't expected .. but now the public will find out just how much the whole US stock market is simply puffery and hot air .. a paper game .. a ponzi scheme .. Which brings us to the other point I was making .. gambling .. Your return on your investment in stocks is based entirely on what the bigger fool is willing to pay. One buyer, one seller. One winner, one loser. Your return on investment is totally independent of earnings. Earnings are only part of the puffery used to sell more paper.