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Strategies & Market Trends : The Rational Analyst

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To: ftth who wrote (1635)	8/9/1999 4:14:00 PM
From: HeyRainier	Read Replies (1) of 1720

My recent market-neutral stance is becoming more decidedly net-short. The bonds are just taking a beating; yields have broken out to the upside, and I'm seeing more deterioration in the higher quality names: HD, LU, CSCO, EMC, WCOM... Standard dividend discount models would imply a contraction on long term present values for earnings. For as long as yields are going up, a defensive stance would seem appropriate. Rising interest rates, wide quality yield spreads, imploding internet sector, and rich valuations suggest prudence when extending the long side of one's portfolio. RT

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