Roger's 1997 Short Picks Message Board

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Strategies & Market Trends : Roger's 1997 Short Picks

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To: Jim Rathmann who wrote (4427)	8/1/1997 11:30:00 AM
From: ItsAllCyclical	of 9285

Regarding low cash reserves in Mutual Funds. The article in Forbes mentioned there is less need than before because many funds (40%) have temporary lines of credit at banks for redemptions. Back in 1987 this figure was 1%. While I think the market is overvalued I by no means think it must crash or that there will necessarily be a speculative bubble. However, I agree that we are extremely vulnerable. However, another quoted figure was that if you took the top 100 stocks out of the S&P the average PE would be 16-17. Rather than closing out some of my overpriced shorts I've taken to buying other long positions (hopefully undervaled) to hedge them. Mutual funds ARE desperate for turnaround stories because they represent potential value with less risk. SIII has been on a tear. Jim

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