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

To: Freedom Fighter who wrote (9118)	12/3/1999 1:13:00 PM
From: LauA	Read Replies (2) \| Respond to of 78594

Should we be sitting out this dance? I've been selling my tech high-flyers for two simple reasons: 1. Everybody is discounting Y2K. So am I. But guess what? It'll be here in four weeks, and if there's so much as a hint of a problem, an airpocket could occur. 2. Three Steps and a Stumble. - This stupid "Dow Theory" rule used to bowl over the market. Maybe it's different this time. But maybe it isn't. JMHO Lau

To: Freedom Fighter who wrote (9118)	12/3/1999 2:46:00 PM
From: Bob Rudd	Respond to of 78594

Wayne: I quoted Abby, because I thought what she said about relative reliability and transparency of US financials being an important cornerstone of the bull market rang true - people will pay a premium to sit in on a fairer game. I never agree with every position anyone takes and my quoting her was not meant to indicate that everything or most of what she says should be taken as gospel. The more important quote was of Marty Whitman that investing in individual emerging market companies is often an "invitation to get raped" because the financial reporting is so badly flawed in terms of timeliness, accuracy, and fraudulant intent - but I don't agree with everything Marty says either. bob

To: Freedom Fighter who wrote (9118)	12/3/1999 3:14:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 78594

Bob, I understood your point and agree. I was just taking the reverse side. We've had better disclosure in the U.S. for a long long time. To me, the present value of "more real" income streams like we have in the US does not enhance the value of the businesses. The lack of them decreases the value. So rather than argue for higher prices in the US than we have seen in the past, I would argue for lower prices overseas relative to the US as the fairer case. Some very smart people think earnings quality in the US is declining at present. Of course Abby lives in a world where everything justifies higher prices and more balanced interpretations and value reducing issues are ignored. That's the 90s! Wayne