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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: accountclosed who wrote (17276)	1/31/1999 11:52:00 AM
From: bill meehan	Read Replies (3) \| Respond to of 86076

AR: Re Big Al and the lottery... I've been up to my armpits lately, so I haven't had much time to troll the Net. Sorry to any and all that have posted to me. I found Mr. Greenspan's reference to the "lottery principle" about as damning a statement as a central banker could make about what so many perceive as "investment". Regarding the CS/First Boston analyst, here is my thought: Considering that every company (or even the crudest idea for an ongoing business) has unlimited options, obviously all stocks are undervalued <G>. Of course, ongoing concerns that are shackled by paying customers, employees and turn a profit are at a big disadvantage. Too much input available to derive the "optimum" valuation accorded to "pure plays" by "investors". We are truly blessed to have this opportunity to watch history in the making. The fodder for future textbooks (and novels) is immense, and more people than ever will experience the ferocity of a self-correcting market system in due course. Without much time to expound, underlying my belief is that we really are in the beginning stage of a new era--the "Post WWII Era ended, the Information/Global Era began. (I'd arbitrarily date it to the fall of the Berlin Wall, which also coincides to the rapid spread of PCs and networked computers.) The result has been (as history shows is always the case) to see the vast opportunities that lie ahead, and for markets to reflect an unbounded optimism of what will be. However, vast changes are rarely accomplished without much upheaval (as we've already seen in the world's emerging economies). We appear to be approaching the point of maximum optimism (and arrogance) here in the US. Although I believe the future does indeed look very bright, the stock market appears to be discounting a future that will fail to encounter the inevitable "hiccups" along the way. Right now, greed is overwhelming all else as investors with very little experience have known nothing but a bull market in their limited brush with the stock market. Even "pros" who understand the risk are "forced" to play lest they fall behind the index and see their assets quickly pulled. Back to the grind, and a little football later (although I'm still disheartened by the Vikes absence). BTW: Will be on CNBC at appx 6:10pm tomorrow.