It’s gotten to the point where we’re afraid to turn on the news or pick up a newspaper. Like most investors, Greycourt has been deeply disturbed by the chicanery and outright fraud that have come to characterize too much of corporate America. But before we give in to despair and take investment action that could be damaging to our wealth, let’s step back and try to put the current, appalling situation in perspective. While it is too early for any of us to understand all the implications of the Bubble Markets of the late 1990s and the resulting corporate scandals, some of those implications are already apparent. Not all of them will be palatable to investors, but the willingness to stare unpalatable truths in the eye is one of the hallmarks of successful investing. Here is a summary of those implications.