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Wealth does disappear to the extent the market moves higher after the
purchase and then retreats.
>>> r.raffurty@xxxxxxxx 08/01/02 10:30AM >>>
Recently the Democrats have been harping on the 7.7 trillion loss in
market cap. This shows a total lack of understanding on how markets
work.
If a person is stupid enough to by stock in Dr. Coop.com (fill in your
favorite dead stock) at $80 they deserve to drive a Dodge Omni with
100,000 miles (they probably paid 2995.00 for that too).
The point is that the 7.7 trillion dollars did not disappear, it just
changed hands. The uninformed and greedy sucker ALWAYS gets clipped.
CNBC just ran a report about a couple that lost 75% of their account in
JDSU. Their kid wants to go to Duke University, so they are moving,
riding the subway, etc. He was man enough to admit it was his fault,
but fell short of admitting it was GREED, pure and simple, that made him
buy an over priced stock and IGNORANCE that prevented him from
protecting his position with options or even stops. The person(s) who
sold him JDSU at the top are driving the Porsche because they recognized
that the market could not go parabolic for long.
If there is a case of fraud, a stock holder would have a legitimate
complaint and new laws may address some of this by returning ill gotten
grains to investors (if the feds can find the assets). However in most
cases this is not applicable. The vast majority of losses are caused by
GREED coupled with IGNORANCE. Now the great masses are crying to their
congress man "They never told me I could lose".
Good luck and good trading,
Ray Raffurty
----- Original Message -----
From: SLAWEKP@xxxxxxx
To: REALTRADERS@xxxxxxxxxxxxxxx
Sent: Thursday, August 01, 2002 6:03 AM
Subject: [RT] bear market stats
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