John – I was there for the “irrational exuberance” speech too. Nobody at my table caught what he said either, nobody my table was particularly sober either. But I do know that afterwards the late Herb Stein got up from his table and while everyone else was laughing and asking “what was that about?” he said, “Oh he thinks the stock market is too high.” What drives me nuts is not that I didn’t understand what he said, it’s that other people did. Because if nobody understood him, I could write it off as deliberate gibberish.