as if Thom really cares

[calbert at tiac.net]

Mark Wright AIA <mwaia at yahoo.com> 


"Problem: as these millions
begin to cash in their stock investments in favor of safer forms of
savings they will begin to exert a downward pressure on the value of
the market in balance to the upward pressure they have exerted over 
the
past 20 years. The paper wealth of the wealthiest will tend to
evaporate as a result. As the stock market levels off or sags the next
generation of Americans will not be as eager to invest as the 
boomers
have, exacerbating the problem."


an interesting take, but it relies on an assumption which is 
unwarranted.....There has indeed been a shift from a "institutions" 
dominated market to one which, at this time, appears to be driven by 
"Joe Main Street", either by his/her DIRECT participation, or 
through indirect participation by way of pension funds.....there is no 
reason to believe that JMS will entirely abandon stocks in favor of 
more conservative instruments, it is more likely that JMS will simply 
move down the risk scale to whatever will constitute "blue-chips" in 
the near future.....assuming that demographic trends deprive Wall 
Street of a ready DOMESTIC source of replacement investors, the 
WORLD will step in to fill the gap.....it is highly unlikely that ANY 
other national or even trans national bourse (such as that which may 
result from a merger of London and Bonn markets) will match Wall 
Street with respect to variety, security, liquidity, nor is it likely that 
any geographic region will offer, in the foreseeable future, better 
investement opportunities than those found here.


now what was that joke about Einstein nad the stratification of party 
chat?

Something like

If you have an IQ above 150 we can discuss quantum theory, 
between 130-and 150, the post modern dilemma or Mahler, 110-130 
POLITICS AND ECONOMICS, below that - 

"How about them Mets?"


love,
cfa