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Non-Tech : Dorsey Wright & Associates. Point and Figure -- Ignore unavailable to you. Want to Upgrade?

To: Ms. X who wrote (3620)	12/24/1999 5:57:00 PM
From: Lost1	Read Replies (2) \| Respond to of 9427

Twas the night before Christmas, And throughout Pifferland All the X O elves were charting with pencils and by hand They'd made up their short lists Of extended stocks galore Just waiting for the reversal Victims of market swings no more As they bided their time while waiting for a sign They had time to reflect on all the wonderful time This group of Piffers it seems Had all become fast friends Although they see different aspects All strive for the same ends How lucky they are to all have each other Each brings a strength that is needed by another Here's hoping and wishing that all stay as well Every one have a GREAT ONE and don't break the spell Happy Holidays and a Merry New Year, With Love to all my Piffer Pals, Kirk.com (41333bps)

To: Ms. X who wrote (3620)	12/25/1999 10:19:00 PM
From: Riskmgmt	Read Replies (2) \| Respond to of 9427

Jan: Happy holidays to you. Here is the summary that I promised to you. Also I am sending you a copy of the book as a thank you for all the help you have given to me and other newbies. Book: Dow 36,000 by James K. Glassman and Kevin A. Hassett. The authors question the validity of the current yardstick used to arrive at stock values and by extension the stock market as a whole, what they refer to as the "perfectly reasonable price" or PRP. They argue that "too high" being a relative term is used by Wall Street and the media for a stock price RELATIVE to the historical P/E ratio. The authors suggest that this is meaningless if, as they set out to show, stocks have ALWAYS BEEN UNVALUED. The argument is based on the fact that a risk premium has been built into stocks as they have been (incorrectly) viewed as riskier than bonds. In fact, the authors suggest stocks long term are as safe or safer than bonds. To arrive at the PRP for a stock one has to look at the cash it puts into the pocket. They postulate that even with growth companies that pay no dividend the investor owns the company and so at some point in time will get a cash distribution. The bottom line is that when you factor in estimated growth, stocks are cheap. The Dow was at 9000 when they wrote the book and they suggest that for stocks to be correctly reflective of PRP versus bonds, the Dow would have to be at 3600. They caution not to expect this to happen overnight but a paradigm shift will occur sometime in the next 5 years. I liked the book as the authors kept it simple and easy to follow. I would highly recommend it to all investors in stocks. BTW.To anyone reading this. I have no financial interest in the success or failure of this book. This is JMHO please use DD and draw your own conclusions. regards, Ray