Greenspan

Enrique Diaz-Alvarez enrique at anise.ee.cornell.edu
Mon Mar 20 10:48:12 PST 2000


Jordan Hayes wrote:


> From dhenwood at panix.com Mon Mar 20 09:55:56 2000
>
> a speculative market can't survive them for long either.
> Unless it really is different this time. Jordan?
>
> How long is long?
>
> Seriously, what do you mean by speculative? As if the whole notion
> of an equity market isn't based fundamentally on speculation?

Isn't there a bit of a difference between speculating with shares at, say, ten times earnings and 5% yield, and doing it at 400 times earnings and negative cash flow?


>
>
> /jordan

-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 272 4808 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at ee.cornell.edu Ithaca, NY 14853 http://peta.ee.cornell.edu/~enrique



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