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Non-Tech : Claire's Stores (CLE) NYSE

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To: jason D. who wrote (392)	8/5/1997 11:38:00 PM
From: Chuzzlewit	of 619

Good for you, Jason! I'm sure you'll learn a lot from this little book. It's required reading for the finance portion of just about every MBA school in the country. An interesting sidelight: Malkiel talks about how poor analysts' earnings forecasts are. I just got a summary of concensus estimates vs. actuals for Morgan Stanley Dean Witter that supports this view. Of the 214 S&P500 companies that had reported earnings through July 18, the analysts had missed their estimates on 80.4% of them. 54% of the estimates were too low. Happy reading, Paul

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