Fwd: Re: bull market reasoning

[Rakesh Bhandari]

> of (physical) capital.  In any case, we're agreed that the investment is
> (largely) external, implying that whoever's balance sheet it shows up on,
> it shouldn't be that of the company that spent the cash.

Daniel, I really don't understand such matters. I think I am in Brad's
kill file, so maybe he'll respond to you.  If research, etc. is an
externality, it won't show up on anyone's balance sheet, no? This leads to
underestimation of the accumulation of (human) capital on which profit
expectations are based. 

yrs, rakesh