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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Joseph G. who wrote (9640)	11/27/1997 11:54:00 PM
From: Elllk	Respond to of 18056

Joe Re: << There is a culture here on SI that computers are something special. But they are just as special as radio was 50 years ago, or TV was 30 years ago.>> I agree with this. For instance, when the fabulous electric light extravaganzas were developed at Coney Island it was, no doubt, more exciting than internet. For one thing the whole family could walk through it together sharing and enjoying their amazement and wonder. Larry

To: Joseph G. who wrote (9640)	11/28/1997 2:15:00 AM
From: Bilow	Read Replies (3) \| Respond to of 18056

Well S.Korea gapped down again, and dug its hole about 5% deeper: Last Trade 1:44AM ú 411.91 Change -21.19 (-4.89%) Prev Close 433.10 Day's Range 407.22 - 430.25 Open 430.25 52-week Range 423.69 - 799.54 Get the latest: quote.yahoo.com^KS11&d=t You know, even if SEA wasn't continuing to have problems, that is no reason why our market should remain so over-valued. It seems to me that price to book and price to sales are much better measures of market valuation than price to earning. Unless there were some sort of permanent reason why the economy has changed in such a way that earnings as a percentage of sales is due to continue climbing for the foreseeable future. It just seems to me that with P/B way over unity, it makes sense for companies to sell stocks and increase their business until this is corrected. Stocks are so easy to produce, why don't businesses take even more advantage of investors while they still can? p.s., I think that the current tecnological revolution is the same one that has been going on for about 400 years. It started slow, but doesn't appear to me to have accelerated much since 1965. Sure new stuff gets produced, but I'm not so sure that a significantly larger percentage of our population is spending their time developing new technologies than in 1965. By that, I mean that the percentage of population employed as scientists or engineers is now within a factor of 10 of what it was in 65, thus the development rate has stabilized. The exponential growth that distinguishes so radically the scientific advances of the 18th century from those of the mid 20th century is gone. Most of the reason for this is that while once the percentage of the population that worked with ideas was limited by the hard work everybody had to do in order to eat, it is now instead limited by the availability of suitably inclined and capable people. What happens to that development rate when they start making computers smart enough to do independent research and development? Could go back up. As of now, computers have already replaced a lot of white collar jobs. (And created new ones.) -- Carl