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Subject: RE: UKNM: More overvalued stocks
From: Steve Johnston
Date: Wed, 28 Jul 1999 18:29:45 +0100

> -----Original Message-----
> From: Clay Shirky [clayatshirky [dot] com (mailto:clayatshirky [dot] com)]
> Sent: 28 July 1999 10:44
> To: uk-netmarketingatchinwag [dot] com
> Subject: Re: UKNM: More overvalued stocks
> > This is not a debate about the efficiency of the market. This is an
> > observation about how a simple matter of supply and demand can
> > masquerade as a confirmation of worth.
> Where else is a confirmation of worth to come from, if not the mutual
> agreement of the interested parties? What mechanism except supply and
> demand could determine worth?

Agreed, but is 'the mutual agreement of the interested parties' what is
actually going on here - other than in the most literal sense. I feel -
and again, no formal Economics present here - that supply and demand is
determining the Price, not the Worth, and that hysteria can distort the
supply and demand dynamics.

"Every has one already? Shit I must get one. 'That'll be �100 for this
delightful Furby, Sir'" Maybe a Furby was nominally 'worth' �100 for a
brief moment in time, but on December 26th the damn thing was worthless
- although I have to confess a fondness for the little thing.

And this is my layman's point; just because it's tough to get hold of
Freeserve shares right now because everyone is completely, fucking
insane doesn't make them Worth - in the bigger sense of the word - �2.00
of anybody's money. But then I suppose that's obvious really, isn't it?

Steve Johnston
steve [dot] johnstonatentranet [dot] co [dot] uk
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