> > and b) there's a great
> >disincentive to give heaping gobs of cash to mutual fund managers
> >whose job it is to buy stocks.
>
> Yeah, people change their minds though.
Sure. And when it happens, you might see some reversal. But does it have to be a "crash" ...? And does it have to happen sooner rather than later? And does that necessarily make it a bubble?
> > > Is it different now?
> >
> >I think we're in a supply/demand situation that we've never
> >seen before, yes.
>
> Why?
Why have we never seen it before? Dunno.
Who says we can't see new things?
> Has the fundamental dynamic of capitalism been altered?
> Why should valuation and sentiment readings and all those traditional
> measures now be invalid? What's changed?
Maybe they never were valid? Maybe the impact of supply/demand that we're seeing was never figured into 'traditional measures' ...?
If the former impact was "near zero" then leaving it out wouldn't change the analysis ...
/jordan