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To: uu who wrote (8207)	12/8/1997 2:24:00 AM
From: sea_biscuit	Read Replies (1) \| Respond to of 25814

Addi : Your analogy presupposes that stock-market valuations can be measured in such a way that people can agree on it just as they tend to agree on something like outdoor temperature that can be measured using a thermometer. However, the stock-market is not like a thermometer or a weighing machine. It is more like a voting machine! Just as people can mistakenly vote an undeserving candidate to office, stocks can be bid up to valuations that they don't deserve. Dipy.