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To: JRI who wrote (148812)12/9/1999 8:00:00 AM
From: Dorine Essey  Read Replies (1) | Respond to of 176387
 
Hi,

Here is some GOOD news that will help DELL today. I did not post the total report.

Dorine

12/09 05:17 Fletcher and Fletcher and Faraday Announces Investment Opinion
On International Brands Inc.'s worldbestbuy.com

NEW YORK, Dec. 9 /PRNewswire/ -- The following is being issued by Fletcher and Faraday, a member of the National Association of Securities Dealers, CRD number 29769: Fletcher and Faraday (Broker Dealer - Member NASD) Announces Additional Information. -- International Brands (OTC Bulletin Board: INBR).

We reiterate a speculative buy recommendation on worldbestbuy.com which is owned and operated by International Brands Inc. (OTC Bulletin Board: INBR) based upon several recent developments at INBR.

We are adding to our buy list the following stocks:

Motorola (NYSE: MOT), Home Depo (NYSE: HD), Healtheon WebMD (Nasdaq: HLTH), Novell (Nasdaq: NOVL), AutoWeb.com (Nasdaq: AWEB), TicketMaster (Nasdaq: TMCS), Vertical Net (Nasdaq: VERT), Lehman Brothers (NYSE: LEH), Kroger (NYSE: KR), Hewlett-Packard (NYSE: HWP), Compaq (NYSE: CPQ), Apple (Nasdaq: AAPL), Dell (Nasdaq: DELL), At Home (Nasdaq: ATHM), Doubleclick (Nasdaq: DCLK), United Parcel (NYSE: UPS).

Fletcher and Faraday is a Broker Dealer and member of the NASD and SIPC.



To: JRI who wrote (148812)12/9/1999 8:06:00 AM
From: Lee  Respond to of 176387
 
Hi John,..Re:.I also think we do have a (somewhat) new paradigm concerning investment valuation (re: market risk premium),

John, that was an interesting post and you made some valid points. Alan dedicated a whole speech to risk back in October. Interesting read considering. <g>

bog.frb.fed.us
There can be little doubt that the dramatic improvements in information technology in recent years have altered our approach to risk. Some analysts perceive that information technology has permanently lowered equity premiums and, hence, permanently raised the prices of the collateral that underlies all financial assets.

The reason, of course, is that information is critical to the evaluation of risk. The less that is known about the current state of a market or a venture, the less the ability to project future outcomes and, hence, the more those potential outcomes will be discounted.

The rise in the availability of real-time information has reduced the uncertainties and thereby lowered the variances that we employ to guide portfolio decisions. At least part of the observed fall in equity premiums in our economy and others over the past five years does not appear to be the result of ephemeral changes in perceptions. It is presumably the result of a permanent technology-driven increase in information availability, which by definition reduces uncertainty and therefore risk premiums. This decline is most evident in equity risk premiums. It is less clear in the corporate bond market, where relative supplies of corporate and Treasury bonds and other factors we cannot easily identify have outweighed the effects of more readily available information about borrowers.


Guess we're not the only ones grappling with valuation issues these days. LOL!

Cheers,

Lee