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Non-Tech : WAMU (WM) -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Jimmy who wrote (88)	3/12/2000 12:56:00 PM
From: Mike McFarland	Respond to of 116

DA Davidson brokerage added coverage with a buy on WM. From the SeattleTimes Sunday 12 March. For putting this up as a buy, the analysts comments are not encouraging. I was almost immediately pulled back out of value to my biotechs last week. I will wait awhile longer, perhaps another one or two rate hikes and I'll start accumulating WM...maybe have the last batch in place during tax loss season. fwiw... I simply decided it was too soon to get out of biotech--certainly there is no good reason to be out of that sector before the end of quarter padding occurs, and through March we are likely to see more selling of those sectors which are down. Also, I found myself buying "value" primarily because it is called that...whereas I have very specific reasons I own each of my biotechs. Bad thinking.

To: Mr. Jimmy who wrote (88)	3/15/2000 2:33:00 AM
From: tuck	Read Replies (1) \| Respond to of 116

MR. Jimmy, If WM finds its stock really cheap, they'll buy back more than if it was more expensive. So don't worry. The buyback is exactly the proper move for a bank to make in these circumstances, because otherwise the capital is idle (assuming fewer loans are being made because of rising rates). It will pay in terms of earnings surprises down the road. Good management by CFO. I expect no reaction to the upcoming Fed meeting. A hike is priced in. Unless the data at the end of the week are way worse than expected. I don't see it. Despite Greenspan's assertions to the contrary, productivity is good, and I think it will show. Cheers, Tuck