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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Allan Harris who wrote (5567)	6/4/1999 12:07:00 AM
From: Hank Stamper	Read Replies (2) \| Respond to of 15132

Allan, Thanks for the pointer to the Internet Analysis article. Here is a quote, about which I would like to comment. "I think Web-based brokerages that came out with TV ads promoting the notion of getting rich quick trading stocks on the Internet should really consider more closely the message they are sending the general public." I think the writer has it wrong in the above quote and in other places, most notably where he wrote the stocks are now at a level attractive for "investors" rather than "speculators." On reading that, I thought, "Really? Invest in companies with no histories of earnings growth? No real histories of p/e with which judge whether or not the present price is valued at 'par,' under-, or over-valued? The author and I disagree on the definition of "investment" verses "speculation."" As to the quote, I think the internet discount brokers can advertise 'get rich quick with no knowledge' and (the latest from Ameritrade) 'have no fear' BECAUSE this is a market rampant with speculatory (good word, eh?) fever. There is no way they'd put out such an advert in a correction like last summer/fall or, a real bear market. The sentiment in those conditions would not allow such messages--the adverts would not be run. They could not run. Instead, the adverts would ring forth with homolies like "value is at hand," "sure stocks go down, but prudent investors invest regularly," "get rich slowly, over time." So, the adverts reflect sentiment. (And, as a cybernetition, I should also say "construct sentiment.") Ciao, David Todtman