Many Unhappy Returns

A couple of dovetail bits of news today.

First, a debate about whether stocks, broadly, are overvalued.

Second, Intel's dog not barking in the night.

Anecdotal evidence, to be sure, but another couple of data points aimed at the emerging thesis (separate and apart from the QE perturbation) that capitalists just can't find useful ways to convert fiduciary into real. Thus, the real rate of return on capital has to fall. And, despite what Brown asserts, it's not a Good Thing that services dominate the capital allocation decision. After all, we can't all eat subprime mortgages. And, if capital flows willy-nilly into software and the like, that's just more software that has to find a willing buyer. More supply, price falls. I've got a trunk load of tulip bulbs, if you're interested.