From: Zeb Haradon (zharadon@inconnect.com)
Date: Mon Sep 27 1999 - 03:25:27 MDT
I always wonder about self-referentiality in the stock market, or the effect
of "speech acts" - I'm not sure how to word it exactly - maybe somoene else
has had similar ideas and can help me.
When I buy a stock, I consider it's "value" to be however much people are
going to pay for it - these people who I will sell it to consider it's value
to be however much other people are going to pay for it - of course this is
just part of it - earnings and other stuff are a huge influence. How much
depends on the particular stock, or time period, or whatever. With internet
stocks, I think it's mostly a fool selling to a bigger fool - and all the
fools know it. Do you see how this is a form of self reference?
I also think that the dow reaching 36,000 depends, mainly, on whether people
think the dow will reach 36,000. If they think it will, they'll buy more
stocks - eventually driving the price up that much. The publication of this
book will have more of an effect on the stock market then it is a prediction
of what the stock market will do.
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Zeb Haradon
My personal web page:
http://www.acsu.buffalo.edu/~haradon
Some "pyramid schemes" I take part in:
http://www.epipo.com/sine.asp?iamsethh
http://www.gotoworld.com/getpaid/default.asp?rid=1031032148
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