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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Greg Jung who wrote (57523)	4/26/1999 11:40:00 PM
From: jebj	Read Replies (2) \| Respond to of 132070

>Now, as for stocks going up and down and eventually being right, I don't suppose you should convince the holder of Zitl that bought at $20 that he'll eventually be right. Or of MLTN. Or PRST. If you study these examples a little (available through posts on SI) you'll find that a hope and a prayer without a viable business just doesn't survive. If one talks of individual stocks I would agree with you but I was speaking of the market as a whole and at some point in time both the bears or the bulls will be proven correct. However, a history of forever averaging up on the market as a whole sort of shoots a big hole in the doomsday drumbeat that has been going on for a long while now. Yes, at some point in time, the nets - and the market in general - will take a hit and yes, at some point in time after that both will come back to new highs. It has always been so, has it not? >OK, as to my final point, is to point out that even those that are way ahead on the I'nut can lose it all in a flash. Most have decided that the paper they hold is actually worth a tangible amount so that next week if it sells for 1/2 then they can make a lot more money by buying it on the cheap and then selling when it goes up (review your own post to reveal the belief that rebound will always occur). I would guess there are a lot of investors modestly margined that would actually max out margin when it "felt like" a bottom and the stocks then proceeded to lose another 50% - at which point the account becomes without value. I.E. if last monday wasn't followed by the immediate rebound in internet issues, forced liquidations could have dropped the bottom. But does it matter what a company is really worth? If so, why are some - at least rated by some measures - "good" companies not doing so well and some "bad" companies flying high? I submit it makes not one whit what a company is "REALLY" worth but what people think it is worth to them at any given time. It is clear that many people think the net stocks are worth a lot of money to them - no matter what the experts say. Personally, I think they are grossly overvalued BUT until all the people that DON'T think so change their minds I intend to try to make a buck off of them - wheather going up or down. jb