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Pastimes : Prudent Bear Fund (BEARX): contrarian investing
BEARX 4.050-1.2%Nov 28 4:00 PM EST
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To: Bonnie Bear who wrote (318)8/29/1998 11:58:00 PM
From: S. maltophilia  Read Replies (1) of 793
 
At this point, I don't think there is anything we can point to and say "This is the market." What do MSFT,AOL,KO,DELL, etc., have to do with the other tier of stocks that trade around book value and less than 10 times earnings? I hope we see some kind of meltup of the undervalued stocks you mention; a recent example would be ASND's takeover (theft?) of SRA. In the near term, however, it looks like more of the same- brain dead funds shoveling what inflows they get into the same old overpriced names. When the money stops, they will crash back to (at least) what the models call for. The danger is that, as these high fliers become less ridiculous, they lure money from frustrated and disgusted holders of undervalued stocks.
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