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Buy, Lie, and Sell High : How Investors Lost Out On Enron by D. Quinn Mills, Visit Amazon's Daniel Quinn Mills Page,

By D. Quinn Mills, Visit Amazon's Daniel Quinn Mills Page, search results, Learn about Author Central, Daniel Quinn Mills,

Writer deals the 1st systematic research of either the net inventory bubble and the Enron scandal. He uncovers either the systematic reasons and outrageous misbehavior that contributed to Enron's losses.

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Sample text

They knew the mania was ill-founded, but many, though not all, were content to profit by it nonetheless. Day Trading and the Source of the Bubble It’s a fundamental rule of market economics, but one too little understood by most people, that prices are determined at the margin—or in the case of the Internet bubble, by the margin. This means that for some stocks a small increase in demand can create a big price increase, just as only a small decrease in demand can cause the price of a product to take a steep fall.

Finance. a As of end of 1999 or early 2000, depending on fiscal year end. b Based on share price close on January 3, 2000, and reported shares outstanding. Other Bubbles in History As suggested earlier, the Internet stock mania was a financial bubble. A bubble is formally defined as an exceptionally rapid rise in prices in which a commodity’s price far outstrips what it is worth to anyone except a speculator. Bubbles are usually caused by a shift in a technological paradigm, so it’s easy to make a story about fantastic opportunities for investors who have no ready frame of reference to place the story in context.

It perverts responsible peoples’ perception of the purpose of capital markets. It is sometimes argued that our economy is better off because of an allegedly accelerated pace of development of the Internet caused by all the money thrown at the sector during the bubble. But it is precisely this assertion that is in doubt. Was the pace of development of the Internet increased by the bubble, or was it decreased? The patient needed to be fed, yes, but did he or she have to have food forced down his or her throat for days on end, and then be denied any food at all for a long period?

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