Another satisfied customer...

[James Devine]

>    Henwood has little to no understanding of basic economic concepts. 
>He fails to distinguish between a financial decision (yes, online 
>day-trading for the average Joe is a losing proposition because of 
>transaction costs and the relative efficiency of markets) and an 
>economic decision (I may decide to day-trade online anyway because I 
>enjoy the adrenaline rush; I attach a high marginal utility to this 
>activity).

so the benefit of the stock market is that it provides the same pleasure as
roulette? isn't that what Doug said?

Jim Devine jdevine at popmail.lmu.edu &
http://clawww.lmu.edu/Departments/ECON/jdevine.html