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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.95

+0.2%

Dec 5 9:30 AM EST

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To: LordDarley who wrote (9825)	10/27/1997 7:18:00 PM
From: James A. Shankland	Read Replies (2) of 77400

We are in for a very long haul before people regain confidence in stocks, even at today's closing levels. Too many want out, if prices recover. That's a very bad sign. And I doubt there is that much cash left on the sidelines. I'm not so sure about that. I think the notion that stocks are a great place to put money long-term, short-term swings notwithstanding -- not an entirely irrational point of view, by the way -- is now pretty thoroughly etched into the national psyche. I'll bet that for every person who's frantically trying to figure out how to get the 401(k) stash out of stocks and into bonds now, 8 are figuring, "Sit tight and don't be a sucker," or "Where do I scrape up the cash to pick up some bargains?" No, it won't keep going up at 20% per year, but I also don't see an obvious, imminent end to the economic boom that has fueled the great stock runup. Are the markets at inflated levels? It's a matter of opinion, of course, but they're certainly less inflated now than they were 24 hours ago.

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