From Nov 1998:
f you own any of the handful of large-cap
               growth stocks that have been the sole props for
               the market to date, sell them now.
               Disappointments in these issues could result in
               catastrophic drops in their prices. What
               happened to the Nifty Fifty in 1974 will happen
               to them. 

               Dell Computer, for example, currently has a
               market value more than twice that of General
               Motors and is trading at a P/E of 75. Can Dell
               continue to grow sales and earnings at a near
               60% clip, with major foreign markets beginning
               to dry up and heavy competition at home, which
               will only get worse if the economy slows? It is a
               great company with a great business model, but
               it can't walk on water. Ditto for Pfizer, America
               Online, Yahoo! and the rest of the new "Nifty
               Twenty-five." These are not the stocks you will
               want to own when earnings disappointments
               arrive en masse. 

               Stick with value stocks, many of which are
               already down sharply. Keep some reserves and
               be slow to jump back in. If the market moves
               lower, here are some value stocks worth
               considering: Citigroup (44, CCI), P/E 15, yield
               1.6%; Fannie Mae (67, FRE), P/E 21, yield
               1.5%; Key Corp. (27, KEY), P/E 13, yield 3.2%;
               and RJR Nabisco (24, RN), P/E 11, yield 8.3%. 

               David Dreman is chariman of Dreman Value
               Management of Jersey City, N. J. His latest book is
               Contrarian Investment Strategies: The Next Generation.