Forum Archive Index - May 2000

[Phil Eriksen <phil@acepay.co.nz>]

Tood wrote:
> 
> malcolm coleman,
> I guess you have too many ITC shares and you are worry?
> IT Capital (ITC -ICALF) has nothing to do with Internet Capital Group
> (ICGE).
> Friday's close = Market mood.
> The Market is always right.

It is?

It was right to bid up internet stocks to insane levels?  It was right
to knock them at least part of the way back down, even tho the
underlying companies are the same as a week earlier?  If the market is
always right, how come some people vastly outperform it, and others
badly unperform it?

ITC could be 2 bucks in a year...or it could be zero.  I have an
opinion, as i'm sure you do.  As most others do.  We all buy shares
based on our opinions which we believe to be based on fact.  The
"market" is just a group of people, often acting on warped logic and
incorrect information, all making different decisions based on different
opinions.

All the "market" will tell you on any given day is the collective
opinion of its participants on a business.  It will tell you *nothing*
about the business, its prospects, and its true worth.  

Cheers,
Phil

P.S  They burnt Joan of Arc as a witch and were "right" (at the time). 
Then they proclaimed her a saint and were "right" (at the time). 
Neither event says anything about who Joan of Arc really was.

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