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No, I don't think the market will go straight up. But I think the "Y2K bubble" with respect to MSFT earnings is a red herring. MSFT is going to grow earnings in ways that we don't yet fully anticipate. MSFT is moving on Internet deals, which I think will become more apparent when the trial is over. Then MSFT will be declared a monopoly, and will have to be on good behavior. But I think MSFT partnering with ATT is something that might happen. ATT - TCOMA - ATHM: high speed access to homes via cable modems. MSFT wants to be in the middle of that, and I think it will find a way. I think people are going to buy MSFT products (Office 2K, Win2K) not in lower numbers, but in greater numbers, as they get ready for the year2K, though I haven't evaluated this closely. I think Internet stocks are overvalued, but so what? That is individual investors buying AMZN, YHOO, etc, and there is very little that institutions can do about it, but sell, and no mutual fund manager in his right mind will do that. I think we STILL have a ton of cash sitting on the sidelines in institutional investors coffers looking to take their positions for the new year. So, yes, I think that we are headed up for the rest of January. If you got out, good for you. We should have some buying opportunities in Feb. |
