Friday's Food for Thought

"But one day I feel I may wake up
And find I was mistaken.
That's what keeps me wonderin'." -- Humble Pie

And with that, the weekend is finally upon us, and not a minute too soon for me. It was a nice, gentle rise from the broader indices into the close, and the bulls do get to put their feet up on the desk after all.

Here's what I'm thinking about:

I've had my Zune for three days, but we've been so busy that we haven't done anything but turn it on and ooh-and-ah a little bit at the graphics. The graphics are pretty awesome, and the sound is good, too. I'll review it for you soon. I'm happy with the coolness factor of it, though -- quite, as I'm sick of iPod and iTunes.

Speaking of iTunes, Apple (AAPL - commentary - Cramer's Take) has created some problems with this latest series 7 updates. I'd really like to have my original iTunes back on my computers instead of these latest versions, which are too cumbersome. It reminds me of what Microsoft (MSFT - commentary - Cramer's Take) always did by adding frivolous and excessive options to Word.

I'm glad that Microsoft's future isn't pinned to adding new features to Word. Vista is all about video and networking.

I hate Microsoft Entourage for my Mac.

I'm sick of my Mac locking up. I still like it far better than any Windows machine I've ever owned. And I've owned a lot of 'em.

Why would anybody be surprised that MySpace is worth at least $6 billion, according to Rupert Murdoch? News Corp. (NWS - commentary - Cramer's Take) has already monetized it for hundreds of millions guaranteed. Throw any multiple on that and you're into the billions.

The economic data sure have been weak lately. But most of the earnings reports seem to indicate that things are picking back up. I can't imagine that the macro data from the government might be telling us the past and not the future, though, right?

I'm worried what will happen to the economy and the market if the economy does heat back up on its own just as the Fed cuts rates.

I'd still try to be positioned to profit from it, though. Gonna have to be nimble.

Somebody buy the Los Angeles Times already so we don't have to hear about it anymore.

And if I never hear about Tribune (TRB - commentary - Cramer's Take) at all again, I won't complain. Go private if you're so undervalued.

When we hear and read that the president didn't really give much of anything but an ear to the car companies this week, I wonder what the alternative headline would read.

A couple other notes: Check out the commentary from the Hope for Oil's Demise post -- lots of provocative back-and-forth.

Earlier today, I wrote about the possibility that we are already in a bubble or the potential that we might head into one in the next couple of years. Though our data will be skewed because readers of this column have already heard my thoughts of a potential bubble, making the sample far from purely scientific, let's get some data about what investors are thinking:

Pick the sentence that best describes your thoughts about a stock market bubble:
	I wish everybody would just wake up and realize we are already in the midst of a bubble of historic proportions. I think we'll enter a bubble next year. I can't figure out what you're smoking around here with this bubble talk when the market is this undervalued. The only bubbles I think about come from my Jacuzzi, my bubble bath, my gum and sometimes in the bottom of my sneakers.
View the results without voting

And with that, I'll tell you that I had a great time writing this week and I hope you enjoyed reading. See you on Monday.

At the time of publication, the firm in which Willard is a partner was net long Apple, Microsoft and News Corp., although positions can change at any time and without notice.

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Cody Willard is the manager of a hedge fund and a contributor to the Financial Times and VON Magazine. He is also a regular guest on CNBC's Kudlow & Company and an adjunct professor at Seton Hall.

He earned a bachelor's degree in economics at the University of New Mexico. Willard appreciates your feedback -- click here to send him an email.