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To: Mohan Marette who wrote (106355)	3/2/1999 11:14:00 PM
From: SirVinny	Respond to of 176387

Mohan, I really think business journalists are getting their ideas from this thread. Maybe if we're wise we can maybe manipulate them in return <ggg> On Feb. 19 I was asked what I thought was the driving force in todays markets. My response, below, although mildly facetious is along the lines as that which is in the article you posted. SirVinny ====================================================================== ... I had previously suggested that fundamentals is Not the driving force in todays markets. To understand my reasoning one must understand the psychology of today's investors. Unlike "yester-years", today's investors, for the most part, want a quick-fix, instant gratification, rags to riches without the "To" inbetween. One only has to look at the increasing popularity of "scratch and win" lotteries or slot-machines in the toilets. To become rich based on a company's fundamentals will take years. Even with a ROE (return on investment) of 25% it takes what seems forever just to double your money. The prevailing attitude of today's investors is that life is too short to have to wait 20 years to get what we can have tomorrow. (Sex after marriage? Oh ya...only if it's a short engagement.) IMHO the driving force of today's markets is JETSTREAMING. Investors gauge where the wind is blowing and then catapult themselves in that direction. The more investors move into the wind the further they are propulsed by the Jetstream. At times the flow is steady while other times you encounter turbulence. But like all Jetstreams they eventually come across a crosswind causing them to slow down or reverse course. Some investors get out in time while others lose their compass and head the wrong way. Amazon is a perfect example of this type of investing practice. The steady flow of investors catapulted this stock to unheard of levels in such a short span only to have the airflow cut off from underneath leaving many investors to fall on their behinds. The advent of the Internet, will further contribute to and fuel this type of investing practice. Just look at the growth of on-line investment brokers. Our generation of investors now has instant access to the markets at all times. We can follow a stock on a tick-by-tick basis, move in when we think the momentum is right and pull out when we think it's not. I'm not suggesting that it is the right way of investing, in fact I wouldn't even call this investing - gambling sounds more appropriate a term. SirVinny