From: gts (gts@optexinc.com)
Date: Fri Sep 13 2002 - 15:07:37 MDT
Dan,
> I know very well that stocks have no utility value
Okay, good, but you seem still to be seeking a utility value from stock
ownership that you now agree does not exist.
> For example, you can't eat a hammer, either. But a hammer gives
> you a capacity that would wouldn't have without it; you can make
> money with a hammer without selling it. There is a value in *owning*
> the hammer, even though it's not a utility value.
I'm sorry but that's not correct. The "capacity" of earning money from a
hammer cannot be separated from its utility as a hammer, as you do
above.
To make money with hammers we must access their utility to drive nails
or in some other way use the hammer as a hammer. In this way hammers are
not like financial assets.
I have to run. I'll try to answer the rest of your message in a day or
two. Back probably on Monday.
-gts
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