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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: DD™ who wrote (9830)	11/13/1999 10:22:00 AM
From: Justa Werkenstiff	Read Replies (2) \| Respond to of 15132

DD: "Based on our $54.50 S&P 500 operating earnings estimate for next year, the S&P 500 Index now trades at just under 25 times." Not the best choice of words on Bob's part as this could be read to indicate that 25x is some sort of bargain. I doubt he meant it that way.

To: DD™ who wrote (9830)	11/15/1999 1:10:00 PM
From: Wally Mastroly	Respond to of 15132

Her Ladyship Watch - Garzarelli holds to 60/40 rate increase odds;Batman sees liitle reason: garzarelli.com - Batman/Battipaglia Watch: gruntal.com

To: DD™ who wrote (9830)	12/19/1999 4:48:00 PM
From: DD™	Read Replies (1) \| Respond to of 15132

* Commander Bob Again In This Week's Barrons Market Watch * 2nd time in one month probably makes Bob the most popular and poignant contributor to this valuable section of Barrons. Bob Brinker's Marketimer P.O. Box 229, Irvington, N.Y. 10533 DECEMBER 7 ~ We believe the hypothetical stock-market upside potential over the next six to nine months falls within a range of 1520-1530 for the S&P 500 Index. The midpoint of this range represents a price/earnings ratio of 28 times our year-2000 operating earnings estimate of $54.50 for the index. This S&P 500 price level would equate to a Dow Jones Industrial Average price range of 11,800-12,000. However, we believe investors will demand two preconditions before they will bid prices toward these higher levels. Firstly, evidence of an economic slowdown sufficient to produce lower interest rates will be required. Secondly, investors will need to be comfortable with Federal Reserve monetary policy. The Fed has already adopted a proactive stance by implementing three short-term rate increases in an effort to slow the rapid pace of economic growth. Investors may become increasingly concerned about the risk of economic contraction if a policy of steady interest-rate hikes becomes habitual Federal Reserve behavior in the face of strong economic growth and the growing wealth effect of stock-market appreciation. In our view, the biggest risk investors must monitor over the next several months is the risk that the Federal Reserve will over-tighten and thereby precipitate a period of economic weakness. We continue to closely watchFederal Reserve monetary action, which will be a key determinant of stock-market activity next year. We believe the Federal Reserve will feel free to do their job as they see fit for several more months without regard to political interference with the Y2K general election. Although investors generally react favorably toPresidential election years, history shows the market has behaved more tentatively when the candidates do not include an incumbent. -ROBERT J. BRINKER interactive.wsj.com DD