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To: Eric who wrote (26652)	6/28/1999 12:30:00 PM
From: Mehitabel	Read Replies (1) \| Respond to of 77400

Eric-- enjoyed the Jubak article. Found his theory of two different groups of investors with divergent world views as an explanation for overall market action intriguing. Thank you. >>From a slightly longer perspective, I think the differing views of these two groups explain a lot of the market's volatility. On the average day, when the news favors neither way of looking at the market, the two groups are likely to fight to a draw. Relative value investors on such a day don't see any pressing reason to own stocks and neither do growth investors. On other days, when the news is full of worry about rising interest rates and growth investors don't have an earnings report or the like to cheer them, the stock market is apt to move lower with bonds. And on yet other days, when a company like Oracle (ORCL) beats earnings estimates and relative value investors don't have a speech from one of the Fed governors to worry about, growth stocks have a good chance of moving higher.<< Regards