We like AOL...it's the valuation that sucks...from the newsletter...FYI..
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The Dow Jones Industrial Average dropped 108.91 points yesterday, or 1%, to 10,801.42, totally obliterating an early rise of 100 points with declining stocks over advancers by 3 to 2 on volume of 780 million. NASDAQ losers over gainers by 8 to 7 on 1.06 billion shares traded. The NASDAQ Composite Index off 54.12, or 1.9%, the S&P 500 lost 18.32, or 1.4%, the NYSE index off 6.64, or 1.1%, so the decline was broad and across the board. Bonds slightly better with the 30-year Treasury at 6.10% and the dollar slipping with some gusto Vs the yen. A weak dollar is inflationary making Japanese products more expensive and we buy a lot of Japanese products-the offset is that our goods are cheaper to them?but the net effect, because of the imbalance, is NEGATIVE. The consumer price index rose 0.3% in August-not bad.
AOL, which we like only very long-term and on which we have been negative since the spring after the tremendous run since the spring of 1997, closed at 88 DOLLARS 88 CENTS.AND A BUY IN OUR OPINION AT 55 DOLLARS 55 CENTS."
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