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Biotech / Medical : Monsanto Co. -- Ignore unavailable to you. Want to Upgrade?

To: Edscharp who wrote (1897)	4/6/1999 8:11:00 PM
From: Dan Spillane	Read Replies (3) \| Respond to of 2539

In general, the US stock market has completely lost economic perspective. Tens and perhaps hundreds of billions of dollars are going into duplicate "zero-brick-and-mortar" companies, from which little real economic benefit will be gained in the long term. That is...those Internet stocks. Do "Yahoo" and "Real Networks" add to the economy to the degree which current capitalization would suggest? I think not. Money is being diverted from other more fundamentally contributing areas like oil, raw materials, agriculture, biotech, and small caps in general. Al Greenspan has commented on the "efficiency" of the capital markets; it would seem there is a major short-term inefficiency in the US markets...don't know how this will play out. Low inflation and high productivity are fostered by information technology, yet still rooted in brick and mortar. Are technology services undergoing "hyper-inflation" that we are not monitoring? An important question to ask. Perhaps bubbles in the stock market in certain areas are a sign of this problem, particularly when contrasted against low valuations afforded to other areas, which may be extremely critical to productivity gains in the long term.