tag:blogger.com,1999:blog-7566246.post-75085313575617503082007-09-20T05:08:00.000-05:002007-09-20T05:32:06.860-05:00<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://www.joelertola.com/grfx/grfx_update_feb_05/tall_buildings.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 320px;" src="http://www.joelertola.com/grfx/grfx_update_feb_05/tall_buildings.jpg" alt="" border="0" /></a><br />The interesting thing about the<a href="http://www.biblegateway.com/passage/?search=genesis%2011:4&amp;version=31"> scripture reference to the tower of Babel</a> is that history repeats itself.<br /><br />In investing, often when management builds a "monument" to itself it represents a peak in the business. The decline might be slow and twisting. Maybe only gross margins peak, but you can see it time and again.<br /><br />Another interesting fact is that when you look to history, completion of "the worlds tallest building" also happens to correspond, in general, to crests in the economic cycle.<br /><br />Not a market call now that this thing is going up, but....valuelurkerhttp://www.blogger.com/profile/02344666873299709331noreply@blogger.com