My man on Wall Street is reasonably assuring, since he emphasizes that a 326 point drop Monday is a mere pittance compared to the 10,000 point climb in stock prices for the Dow Jones industrial average since March 9, 2009. What's more significant in retrospect is that this extraordinary performance benefited all holders of common stock despite the concurrent reality that "growing revenues and gross margins, the two pillars of long term investment gains, hardly occurred for most companies." Stocks rose more than revenues, more than gross margins, more than profits in some cases. Magical, but entirely enjoyable.
|