MICROSOFT UPDATE. Atlantic Blog has the link to Brad DeLong's Microsoft post, noting that DeLong relies heavily on the comments of Nathan Newman, who Atlantic Blog describes as a "political activist." Atlantic Blog also has a link to Newmark's Door, with the observation that Newmark uses "actual evidence." Data in search of a hypothesis, perhaps ... while it may be true that the bear market lasted approximately from the guilty verdict in spring 2000 to the acceptance by Judge Kollar-Kotelly of the settlement, it is also true that stocks trading at 300 times actual earnings rather than the (old?) equilibrium value of 15 times earnings are likely to fall in price.