Stocks and GDP

[Apsken at aol.com]

To what extent is the fact that shares of listed stocks today are "scarce"
commodities -- scarce for buyers panicked into believing that they'll live out
their years in poverty if they don't somehow accumulate a million bucks now,
and defined contribution pension funds that reflect/exploit this fear --
independent of their traditional underlying valuations an explanation for
these various discrepancies? Isn't that the justification for the Internet
bulls' argument that companies that lose millions are worth billions?

Forbes recently ran an article about the impossibility of online investors'
expectations being met, and cited real cases of huge borrowing to play this
form of roulette.

I still think it's tulipmania even though all the pros say it is.

Ken Lawrence