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To: Jim McMannis who wrote (91232)	10/28/1999 11:58:00 PM
From: Harry Landsiedel	Read Replies (3) \| Respond to of 186894

Jim McMannis. Re: "I wish Greenspanker was as sure there was no inflation as you guys..." Now this may sound counterintuitive, but I'm happy Greenspan IS worried about inflation. Why? 'cause he's PAID to worry about it, and tell us often that he IS concerned. And the same goes for the other Fed Governors as well. My beef with Greenspan is his jawboning the market regarding asset values. The S&P has a PE of 26. He's appoplectic about that. But the reality is the bottom 400 of the S&P has a PE of 16, which is not unrealistic at all, given interest rates and growth rates. So what happens every time he questions valuations? The High PE stocks don't correct, 'cause those who own them don't pay much attention to valuation. But those who own the "value" stocks DO pay attention to valuation, and those MF managers hit the panic button and sell. That's part of the reason for the two tier market that we have, IMHO. Today corrected some of that, but not much. HL