The South Sea Company

The greater fool theory is nothing new. Young rattles and unthinking fools are those that flourish by it. According to this way of computing, no person can purchase at too high a rate since his profit will increase in proportion to the price he gives. Sound familiar? I will devote the rest of this memmo to what certainly seems to me to be another market bubble. And then move on to discussthe effect on the market of technology as we move into a new millennium.