Yesterday I lauded a book called Extraordinary Popular Delusions and the Madness of Crowds . Tomorrow I will post the highlights for you to read at your leisure.
Today let's talk about tulips.
Tulips never had any chance to improve the world economy. The Internet is improving it profoundly. So in that sense, the craze for Internet-related stocks is terrific. Whether it will be great for most investors taking the plunge at these levels I tend to doubt. Over the long run, it's likely that only a few of the hot companies that have been bid into the billions will prove to have been bargains.