第16部分(第3/8 頁)

　3　is　understanding　markets。　The　science　of　supply　and　demand。　There　is　a　need　to　know　the　〃technical〃　aspects　of　the　market；　which　is　emotion　driven；　the　Tickle　Me　Elmo　doll　during　Christmas　1996　is　a　case　of　a　technical　or　emotion…driven　market。　The　other　market　factor　is　the　〃fundamental〃　or　the　economic　sense　of　an　investment。　Does　an　investment　make　sense　or　does　it　not　make　sense　based　on　the　current　market　conditions。

Many　people　think　the　concepts　of　investing　and　understanding　the　market　are　too　plex　for　kids。　They　fail　to　see　that　kids　know　those　subjects　intuitively。　For　those　not　familiar　with　the　Elmo　doll；　it　was　a　Sesame　Street　character　that　was　highly　touted　to　the　kids　just　before　Christmas。　Most　all　kids　wanted　one；　and　put　it　at　the　top　of　their　Christmas　list。　Many　parents　wondered　if　the　pany　intentionally　held　the　product　off　the　market；　while　continuing　to　advertise　it　for　Christmas。　A　panic　set　in　due　to　high　demand　and　lack　of　supply。　Having　no　dolls　to　buy　in　the　stores；　scalpers　saw　an　opportunity　to　make　a　small　fortune　from　desperate　parents。　The　unlucky　parents　who　did　not　find　a　doll　were　forced　to　buy　another　toy　for　Christmas。　The　incredible　popularity　of　the　Tickle　Me　Elmo　doll　made　no　sense　to　me；　but　it　serves　as　an　excellent　example　of　supply　and　demand　economics。　The　same　thing　goes　on　in　the　stock；　bond；　real　estate　and　baseball…card　markets。

No。　4　is　the　law。　For　instance；　utilizing　a　corporation　wrapped　around　the　techni