>ah bollocks. He ought to get off his high horse if that's what he
>thinks. All
>the necessary information to correct for proforma, stock options &c are out in
>the open, and anyone who has a mind to can prepare their own numbers to their
>own taste. If they can't be bothered to do so and just take the reported
>numbers at face value, that's a) a problem of effort or rationality, not
>information and b) their own lookout.
>
>In any case, is Greenspan seriously suggesting that people weere buying VA
>Linux and Boo.com at the top because they'd looked at the earnings and didn't
>think they were too expensive? It's not as if these things were cheap on any
>valuation basis.
>
>Ah fuck it. A whole load of investments have gone toes-up, so blame the
>brokers. It's what we're here for.
There's plenty of blame to spread around. Brokers deserve some - how about those 'research' reports on stocks that folks on the other side of the office were underwriting? - and so do customers. And central bankers.
Doug