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To: Chuzzlewit who wrote (138771)	8/10/1999 5:45:00 AM
From: stockman_scott	Read Replies (2) \| Respond to of 176387

'The Marks of an Investing Era'... <<Filed at 12:01 a.m. EDT Aug. 10, 1999 By The Associated Press NEW YORK (AP) -- Every investment period of a few years or more has its own particular brand of ''wisdom,'' promoted by the newest gurus and subscribed to by those to whom new is good. In each instance, an attempt is made to rewrite the rules, and for a time the rewriting produces results that may be spectacular. But sooner or later, the old wisdom catches up with the new. Here are a few behavioral traits that reflect the attitudes and philosophy of at least some of the current market's participants: ----It's not profits but market share that counts. This one, the current practice of which really is new, reflects the ability of high-tech stocks such as Amazon.com and America Online to claim leadership in emerging markets. Such companies race to sign customers, certain that by placing their own brand on the new marketplace they become a proxy for it, and that if they become No. 1 they have earned the label forever. Investors seem or seemed to believe it, pouring billions of dollars into the shares of these newer companies. Of late, however, some investors are wondering: Don't you need profits to succeed? ----It's a time for risk rather than caution. Caution used to be the name of the game, as any ancient, white-maned investor will tell you. That view has become dated by the evidence of notable risk-takers who've made overnight killings. Accustomed to a stagnant world, the old philosophers sought out blue chips and dividends that yielded single-digit annual gains. The new risk-takers want, and sometimes get, triple digits in a month. Never mind that in doing so they sometimes pay double-digit or even triple-digit price-earnings ratios for their stocks. It's hard to argue with results, and some risk-takers have had big payoffs. What they still must contend with, however, are those much lower long-term averages that have a way of reimposing themselves on the marketplace. Big risk can mean big capital gains -- or big losses. ----As an employee, you work for opportunity, not for salary. Increasingly, that's the way some young investors make their money. Fresh out of college and certain that the world is simply chaos waiting for them to create it. They live for the future. Making the future more real are options, or the right to buy stock at a later date, when almost certainly (or so it is thought) the fruits of their genius will make the company a big winner. In other words, the future is where it's at. At least among high-tech types, the future has never been more real, more imminent, more safer to plan for. It's there to be seized. ----As a top corporate executive, you believe in financial leverage. The idea is to grow the company; in fact, to keep pace with fast-growing consumer affluence you do so or lose market share. If you can't do this by raising capital in the stock market you do it by borrowing it. You load up on debt, just as some Japanese firms did in the 1980s, when they seemed to buying up America. It's a different era now, and some of those same Japanese companies are in woeful financial straits, since the bill always comes due. Still, not long after they learned their lessons and put their balance sheets in order, many U.S. companies have big debts again, the better to grow and ''enhance shareholder value.'' Charles Allmon of the newsletter ''Growth Stock Outlook'' comments that ''a triple-A rating apparently no longer interests most companies as a badge of honor.'' As he sees it, enhancing shareholder value can mean a CEO scrambling to collect a fat payoff via stock options, which are becoming a larger percentage of chief executive pay. Today, he says, only 16 industrial companies are rated triple-A by Standard & Poor's, and only nine by Moody's.>>

To: Chuzzlewit who wrote (138771)	8/11/1999 10:39:00 AM
From: rdwng	Read Replies (1) \| Respond to of 176387

OT: CR rewrite CTC: Bought a new DELL last month with the burner. Software should come with them. Ours uses Adaptec, I believe. I haven't been able to copy ANY audio to a rw CD only to the r ones. If you can figure out how, please let me know. Also, if you want to make an r-cd for you car/home, you must put it all in one session as those units can't read more than the one session. Your burner and DVD can read more than one session though. Redwing Joe