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To: Lizzie Tudor who wrote (80883)	10/15/1999 8:19:00 PM
From: Rob S.	Respond to of 164684

I agree. A protracted decline is not likely and Internet commerce plays will get hot again. The overall market will be more selective going forward - but value plays will still be overtaken by growth plays IMO. Its too early for a "return to value". I don't care much for gold - it is a commodity and not much else. The Y2K thing might elevate it to historical consideration as a hedge but that won't last. The price increases has more to do with treasuries limiting sales of reserves to raise value than it does to hoarding.

To: Lizzie Tudor who wrote (80883)	10/15/1999 8:44:00 PM
From: GST	Read Replies (2) \| Respond to of 164684

Liz <these fundamentals> what is the p/e on the S&P? What should it be, given "these fundamentals". Yesterday, AG, the man -- arguably the most influential human being on finances in the known universe -- stood up and answered that question. And the answer was clear. He said "lower. Much, much lower". Why? Cause stocks are risky. And right now, there is no risk -- and I mean no risk -- priced into the P/E on the S&P. Now, if you think that the S&P can withstand a major reversal, but the 'hot' xmas selling season will keep the astronomical P/S ratios moving higher on net stocks -- then drop by and let me smoke a bowl of whatever it is you put in your pipe.