On Thu, Apr 12, 2012 at 2:17 PM, Shane Mage <[email protected]> wrote: > On Apr 12, 2012, at 2:20 PM, raghu wrote: >> That doesn't prove anything. Speculation can amplify price movements >> both ways i.e. vastly increase price volatility, so it is not wrong to >> say that when prices are elevated [depressed] , part of the increase >> [decrease] is directly attributable to the actions of speculators. > > > Which is relevant only to the short-term speculators themselves. > Over the longer term it's the fundamentals that count and the speculation > washes out.
Didn't Keynes already answer this type of reasoning with his immortal quote about our long-run longevity? -raghu. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
