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Technology Stocks : Winstar Comm. (WCII)
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To: Obewon who wrote (11955)5/28/2000 4:05:00 PM
From: Bernard Levy  Read Replies (1) of 12468
 
gruetz and Obewon:

I am story to keep harping on the same point, but you
have to keep your eye on the junk bond market. It is
now in even worse shape than in August 98. The big
difference is that in 98 Greenspan stepped in to stabilize
debt markets with his 3 rate cuts. Now, he is very happy
to see junk bond rates above 10%. Winstar is cheap
now, but if it follows its past pattern, it will get
absurdly cheap (< $20 ?)

Because the high rate environment is likely to persist
for a while, I do not think this sector will be one of the
first to rally. The rules have really changed.

Best regards,

Bernard Levy
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