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No. of Recommendations: 2
We had a little "roundtable" discussion, here at Fool HQ yesterday, where we talked about the whole "bubble" notion.

I think the world would be a better place if we could eliminate the term "bubble" from all future discussion of the stock market. The term has become so overused and such a cliche that it is being used as a substitute for thought. It is much easier for skeptics to call this whole thing a "bubble" than to admit that they can't come up with reasons why these prices are unjustified because they no longer understand what is driving this market. And supporters of current values can point to the past few years where the "Wise" have been calling the market a bubble and mock their apparent cluelessness, without having to justify just how in the future these admittedly great companies will be able to support these historically unprecedented valuations.

One topic that is of particular interest to us, given our mission, is "is the average investor well-equipped to separate hype from reality?"

This is a much better question and, I think, comes much closer to the core problem. I think a good related question is "how complete is the average Fool's understanding of the stock market views being presented by TMF?". I believe that there is a lot of dangerous confusion in the Fool community about some of your precepts.

As one example, I believe your lack of emphasis on price paid, while philosophically defensible, is quite dangerous right now. As Tom Gardner is fond of saying, price is a tertiary concern. That doesn't mean that it is of no concern, which is the message I believe many Fool's take away from TMF writings. And the main factor which makes price a lesser concern, an efficient market which focuses on price, is not working real well right now. In other words, the importance of price is inversely proportional to how important the market as a whole believes price to be. At least that's the way I see it, Datasnooper may have a few other ideas ;-).
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