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To: Innuit who wrote (7011)	9/24/1999 2:02:00 PM
From: Phil Melemed	Respond to of 9068

Re: "<Steve Balmer> has a big mouth and the MSFT board should fire him. I wish I had Bill Gates' Email address." I believe that Microsoft has frequently said that Microsoft's price is too high. Usually it is the CFO rather than the president of the company. Bill Gates can be sent email at BillG@Microsoft.Com

To: Innuit who wrote (7011)	9/24/1999 2:51:00 PM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 9068

>> it is illegal to scream "FIRE" in a theatre when there is no fire<< But there is a fire and he told everyone. I would rather have someone tell the truth than leave and let everyone else burn. Do you seriously think that tech stocks are at fair value????? Come on and go to the library after the close and check out what historical values are for the market, growth companies etc. When the market passed average normal levels, we all became traders not investors and I sure hope you know this deep inside or you are in trouble when the bubble really does pop. Profits have grown 7% on the indexes on average since last year yet the indexes have almost doubled. We were over valued last year and we just tacked on another 90& over valuation since then. AG has been warning for some time and if he didn't care about going down in the history books as the man that created then popped the bubble, he would have raised rates 4-5 steps a long time ago. He was trapped by world situations into adding liquidity so we could consume Asia's products to let them export their way out of disaster for the good of the free world. This was a good thing however he couldn't aim the liquidity and it found it's way to our market. The smart money has been leaving this market for almost a year. Notice that only the big names were up and the majority of stocks were actually lower than they were last year during the crisis? Have you looked at an Advance decline ratio chart lately. We are at levels of 1929 as far as divergence between the A/D and the indexes. I personally am glad Balmer said what he did because maybe we can bleed some of this excess off slowly and keep the market alive. If we let this get too much more out of hand, we will just explode some day and it will be all over for years instead of a few months. Besides, do you really think the market sold off because of Balmer? Foreign money started leaving a couple months ago, the smart money started leaving last year and the rest of the money started leaving a few weeks ago. Only a handful of stocks was propping up the market by the time he made his comment. Oil has more thandoubled, we have the tightest labor force in 25 years, commodity prices have started climbing etc etc. We had the best of times the last couple years but the economy and the market are cyclical and we are either just passed or are approaching the peak. It is time to flip the hat around and make money going the other way now until we hit the bottom then flip the hat around again. Trade the truth, not fantasies. Back to lurk mode. Lee