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To: Defrocked who wrote (52917)	7/23/1999 12:50:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

another thing: not one of those super-bullish analysts has been forthcoming with a cogent explanation as to why we should not worry about the fact that the market is 45% or so overvalued according to the Fed's fair value model. is valuation really a concept that has to be abandoned in the new era? this steadfast belief that the market can only go higher with the NAZ p/e at 125 and interest rates on the rise is truly worrisome. bet you that not a one of the likes of Acampora, Battapaglia,Cohen, etc. is going to utter a word of caution before the next big downturn hits. since no bear market has occurred for 18 years it has become fashionable to assume no bear market will ever occur again. the above mentioned bunch will likely urge us to stay invested all the way down when the bear finally pays us a visit. hb