>Michael Pollak wrote:
>>
>>
>> In theory it seems to make sense. In the reality the basic valuations and
>> the P/E proportion that is considered reasonable both seem to be set by
>> crowd behavior.
>
>Isn't this what Marx said about interest rates (C III)? Unlike
>commodities (in Marx's TOV) the price of money is determined only by
>supply and demand, and can fluxtuate without limit.
Yup. Or as an old friend of mine who handled investments for a large insurance company was told by his chief investment officer back in the late 1980s, "There's no value. There's only supply and demand."
Doug