Hi Billy, On Sep 28, 2010, at 1:19 PM, [email protected] wrote:
> Why, too, has Gates been so unconcerned ? After all, if you or I or most of > us, had > our very own TV channel, would we let it fall apart ? Would anyone ? Bill Gates doesn't own MSNBC. Microsoft only owns 18%, which makes it a tiny portion of their wealth. GE owns it. Rich people can't be bothered to care about everything they own indirectly, or they'd never pay attention to anything. > Well, "religion" can cloud one's judgement. Look at the 3 major networks, > each headed by true believers in The Holy Church of Political Correctness, > and their slides keep on keepin' on, no end in sight. So that seems to explain > part of it. But what about rational market theory ? > > The irrationality at CBS, NBC, ABC, MSNBC, and also ( but not as bad ) CNN > persists, year after year. Where is the correction ? > > What does this say about rational market theory ? Rational market theory only implies that the *stock* of MSNBC reflects its true economic value. A rational market simply needs to reflect the fact that the people in charge of MSNBC are self-destructing, it doesn't prevent it. For that matter, rational market theory doesn't apply well to acquisitions, because most acquisitions are based on future beliefs not past performance, which is inherently irrational. -- Ernie P. -- Centroids: The Center of the Radical Centrist Community <[email protected]> Google Group: http://groups.google.com/group/RadicalCentrism Radical Centrism website and blog: http://RadicalCentrism.org
