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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (5270)11/11/1998 7:15:00 PM
From: Madharry  Read Replies (1) of 78750
 
Well James I may be in trouble, once again I disagree with you and am fully invested. I agree that the nifty fifty is frothy. But the entire universe below that is looking awfully cheap to me in relative terms, ESpecially stuff like Deswell and the semiconductor stocks many are close to cash or book. All the energy and oil drillers are cheap historically, the natural resource stocks, many of the small caps. There is optimism for a recovery in Asia and that will lift the tech stocks as they move into a new cycle. Lastly the Macro factors have shifted. With the dollar decline and increase in yields, buying long term bonds is no longer a can't lose proposition so there will be lots of money moving back into equities. Also it is that tax shelter time of year so there will be lots of money flowing into sundry IRA's and SEPs between now and APril. My scenario is for a steady rise in the market until April, at which point we may see declines. JMHO.

I also agree with you about the internet stocks, Netscape excepted. I don't see how the cash flow generated could possibly justify even half of most of these prices, but they make excellent trading vehicles. It seems to be similar to those y2K stocks but with longer legs.
BTW Is the market drops precipitously I would not expect real estate prices to hold up, especially in the NY area.
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