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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (40932)	12/26/1998 3:17:00 PM
From: Knighty Tin	of 132070

To All, Barron's was poor this week. A couple of letters in The Mailbag section were the highlight. Both made fun of the idiotic comments made the previous week by "Queen of the Net" Mary Meeker. One I liked was the guy who wanted Mary to arrange a multi-billion dollar IPO for his co., Sellcash.Com. He is going to sell dollars for 95 cents. Since Mary doesn't care about profitability or barriers to entry, he figured Morgan Stuck Up could raise them a few billion to get started. <G> The Market Watch section was evenly divided for the first time in several weeks. My favorite comments were by John Hussman who considers current money management nothing but gambling with other peoples' money. "Come on 7! Baby needs a new pair of shoes." Great stuff. There was an article about a junk bond guy. The only interesting part is the chart on junk vs. treasury spreads. As usual for a junk manager, he missed the important point that the absolute spread is not the key. A 600 basis point spread is not so high when Treasuries are yielding 14%, but it is extremely high when they are yielding a bit over 5%. For some reason, junk people rarely catch on to this fact. Good Luck, MB

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