GOSSIPPER

来自一位小朋友极少更新的blog。没别的，只是一直中意这种一路铺垫只为最后一句的写法。

地址是：http://deathhell123456789.spaces.live.com/default.aspx

market correction are just going too far

Back in 2000, the equity risk premium was excessively low. That is, the valuations were exceedingly high. Groups of companies, all focusing on the same market, claimed that they could achieve a 30% market share. Since at least twenty companies were making the same claim, you knew mathematically that this was impossible. Such a result could be achieved by three companies but not twenty, yet all twenty were priced in a way that suggested that it would happen for all twenty. This was, by definition, a bubble. Mutually exclusive outcomes, expressed in stock valuations, were trading at levels that suggested that all the companies were going to be wildly successful. It was a period for much caution. Today, in our opinion, the situation is the mirror opposite.