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I have read many posts about the money coming into or out of the
market. The stock market wealth is fictitious. It is based upon the
greater fool theory. Someone says a stock is worth X because of
earnings, growth, cash flow, PE ratio, return on assets, return on
equity and a dozen other reasons, but it is worth absolutely nothing to
the investor unless someone is willing to pay more for the shares then
he paid for them. The only caveat is a dividend paying stock. It does
offer a return on investment that can be measured. There can be 2
stocks in the same industry, with the same fundamentals, yet one is
trading at 10 times the price of the other. The reason, one is in play
and the other isn't. One has seen fit to perform at the dog and pony
shows put on by the major brokerage houses and the other hasn't. No one
was upset, when the market went from 1000 to 10,000. No one cried for
those who were short the market and took heavy loses. It is un American
to be short the market and make money. You are betting against the
American way of life and the Free enterprise system. Let the market
come down and they weep for those that have lost money. It is sad that
someone should lose their entire life savings in the market, but who
told them to place their assets at risk in the first place. I think
that many of the financial advisers should be prosecuted for criminal
neglect in the way they managed their clients assets. As a wise man
once said, the only sure thing in this world is death and taxes. A bull
market was not included. Have a good week end. Ira.
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