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Non-Tech : E*Trade (NYSE:ET)

ET 16.67

-0.8%

3:59 PM EST

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To: grogger who wrote (2817)	4/15/1998 11:38:00 PM
From: jkb	of 13953

I agree with you - EGRP makes money - and is a viable business - today. The search engine Internet stocks are doing great because people are - however crazy as it seems - buying them for the growth possibilities - sequential and quarter over quarter growth in percentage terms is great there - and that's what people are paying for - the speculative growth opportunity. Growth in EGRP is now perceived as no longer accelerating at past rates - and therefore is no longer interesting to the speculative crowd - and thereby will likely trade at reasonable forward looking PE's (20-25, 30 at the high-end - IMO). I do however think that this philosophy of buying based on speculative growth (i.e. Internet search engine stocks) is crazy as the first indication of market correction will begin their obliteration. Good luck to all.

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