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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Investor2 who wrote (7556)	8/6/1999 11:23:00 PM
From: marc ultra	Respond to of 15132

I2 re<<<<Also, notice that the market was undervalued (according to the Fed model) at the time of Bob's 1994 and 1996 gift horse buying opportunities.>>>> I think this is an important point.and I think when the bear comes people will fail to adequately appreciate that we will have passed from a rare ideal background for the market over the last few years which has allowed these extraordinary valuations and as these ideal conditions fade and the multiple expansion starts reversing it may take a while for investors to appreciate the rarified air we were in that brought us to 28x earnings and the July 16th highs. I would however suspect that given the structural improvements in our economy if and when we go through a bear there is likely to be another good bull on the other side though it is unlikely any of us will see a bull again to match the one we seem to currently be in the late stages of Marc