Me thinks RR continues to miss the point.He harks on about being...

Me thinks RR continues to miss the point.

He harks on about being amazed how people holding stocks at pe's approaching 32.

He ignores (or cannot see) the underlying fundamentals of investment have evolved over the last 10 to 15 years. The cultural and social changes that are making the market behave in a way not understandable to RR.

These changes have lead to a quantum increase in participation and by definition volume.

Information technology, superannuation, wealth created by the bull of the 90's, media and the resultant financial awareness of the masses seem never to be mentioned by the guru.

The development within the last 2 decades of a whole major industry of financial planning and it's resultant huge marketing strategy to ANYONE earning a wage never seems to get a start in RR's commentary.

The volume of money circulating , the COMPETITION for that money in particular will and is causing abnomalies within financial markets that are becoming the norm.

RR seems indifferent to this.

Combine all of the above with interest rate's being the lowest in 40 years.

IS IT ANY great wonder that the only asset class that can be easily manipulated by volume is being just that and will continue to be until interest rates show a substainable rising trend.

Seems fairly logical but maybe not.

BTW these biotechs seem to have the bit between their teeth.