>I think you still have to look at supply and demand in this market.
>Why should it go down if the US Government, through it's best carrot:
>tax policy, is actively encouraging as many people as is possible
>(apparently now the Swiss as well :) to buy stocks?
Chilean stocks have had an awful time over the last year or two despite all that privatized pension money going in.
>The real question is where does it end, and how bloody will it be?
Well yeah. I don't see how you can have the biggest, longest bull market in U.S. history without it being followed by a major bear. But I have no goddamned idea when or where it will start; Dow 20,000 anyone?
>But at least for now, I don't really see it happening. The two trends
>of supply (shrinking: led by mergers and buybacks) and demand
>(increasing: led by tax policy, discount brokerage competition,
>technology, and a bit of self-fulfilling momentum from general mania)
>seem stable to me.
Remember the "weight of the money" argument in Tokyo in 1989?
Doug