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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.31

-1.1%

Nov 6 4:00 PM EST

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To: pater tenebrarum who wrote (40839)	2/20/2000 5:57:00 PM
From: Michael Watkins	Read Replies (1) of 99985

hb: decades of spectacular growth are priced in NOW. how else do you think can it be explained that cos with minuscule revenues command multi-billion dollar market caps? Heinz, your comment is one that I think about often. We know from history that many of these companies will ultimately fail utterly -- nothing to do with stock prices, just that not every business succeeds. As someone else mentioned along different lines this weekend, perhaps a catalyst will be the first failures. Another story from the trenches, a friend of mine was in the investment industry for some time and counts a lot of key folks as friends. One sell side analyst from a major firm in my country called up this past week to relay a story. Apparently he woke up in a cold sweat on the previous weekend and realised that much of what was in his sizable personal portfolio were companies not making any money on the bottom line. He sold everything Monday morning. Apparently he is sleeping more soundly now. I'm just collecting these stories, they seem to be popping up more than normal in my own sphere of friends and colleages.

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