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To: GVTucker who wrote (85160)	7/9/1999 4:23:00 PM
From: JDN	Respond to of 186894

Dear GV Tucker: Ahhhh........an honest person!!! You know, I started investing in 1967. In those days and for a long time afterwards a P/E of 10 was considered normal in a good company. Interest rates then were even lower than they are now, especially if you consider the REAL interest rate (Gross rates less inflation). It took me about 7 years in the 1990's to overcome this feeling that my thinking was old fashioned!!! I think maybe the real impetous behind all of this is the end of the Cold War, the improved prosperity and money supply around the world and the heightened liquidity along with reasonably good controls over inflation lately. GOD HELP US if one of those pegs falls. JDN