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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (8672)	10/18/1999 12:46:00 PM
From: Daniel Chisholm	Read Replies (1) \| Respond to of 78661

If the Dow fails to hold its rally through the morning, today could be our crash. Its noon and the Dow is down. You heard it here first. Indeed the end must be near. Exhibit A: James Clarke doing TA.... ;-) - Daniel

To: James Clarke who wrote (8672)	10/18/1999 2:03:00 PM
From: LKO	Read Replies (1) \| Respond to of 78661

Can one of the "Valuemeisters" :-) analyze the printer/copier companies valuation ? They are all exuding bad news...and might be treading value territory ? Or not yet...and they are in a bubble with more air to come out... I am thinking of Xerox, Lexmark, Electronics for Imaging ... LKO

To: James Clarke who wrote (8672)	10/18/1999 8:52:00 PM
From: cfimx	Read Replies (1) \| Respond to of 78661

I would be surprised if we had a crash. In 1987, interest rates were three points higher than they are now. P/E ratios are similar, however, in 1999, they are skewed by some outliers such as AOL,and CISCO. This year, unlike 1987, all of the over valuation is concentrated in the frothy stuff: internet, ipo's, selected technology stocks, and concept stocks. There is a tremendous amount of value being created from the EVERYTHING ELSE category, The "smart money" is feeling pain right now, just as they were in 1994 when the fed took the air out of the economy. That includes Southeastern Asset Mgmt, Sequoia Fund, Clipper Fund, Oakmark, and Davis Advisors. Rather than a crash, I think you start to see the "smart money" beginning to outperform from here, (even if the direction is DOWN) as well as the gradual, water torture style deterioation of the fluffy stuff. I think the focus on "the market" is misplaced. Value investors, especially those not restricted to larger ideas, can and should do well from here.