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To: Bill Harmond who wrote (98299)	4/2/2000 11:11:00 AM
From: H James Morris	Respond to of 164684

You want a reality check. Now, I suppose you think that Cohen,Mobius and Kerschner are weak? >Still, the true short-term momentum players aren't what's worrying Wall Street now. The most stunning piece of data last week was the report showing that a record $53.6 billion of net new money poured into stock mutual funds in February. And nearly three-quarters of that sum flowed into aggressive-growth stock funds, including technology-sector funds. Many of those investors may well fancy themselves to be long-term in their orientation. Many probably waited while tech stocks continued to surge through the fourth quarter of last year and into the first two months of this year. "When these stocks pull back meaningfully, I'll get in," they probably figured. But by February, with the tech sector only getting hotter by the day, the fear of being left behind must have become too much to bear--hence, the record inflow of dollars to the aggressive-growth stock funds that were the market's darlings at the time. Will this money stay put if the tech sector's decline worsens in the weeks to come? This is a very good time for everyone who owns technology stocks or aggressive-growth mutual funds to consider just how firm their commitments are to these investments. Because it appears that Wall Street is about to enter a piling-on phase--a sort of, "Who can say the most damning thing about tech?" period. Last week, well-known market strategist Abby J. Cohen at Goldman, Sachs & Co. advised clients to pare back stock holdings in general, with an added reminder that tech stocks "are no longer undervalued." She was followed by Mark Mobius, the emerging-markets guru at Templeton mutual funds, who warned of an impending Internet stock crash worldwide. On Thursday, PaineWebber strategist Edward Kerschner, another highly respected name, sent out a report subtitled "The Beginning of the End." His central argument: The "new metrics" by which many investors have been valuing technology stocks are a sham--and the stocks are finally beginning to reflect that. Cohen, Kerschner and others aren't looking to discredit the tech-stock boom entirely, of course. But with many tech bulls now on the run, any doubts cast upon the sector can quickly become "substantial doubts," whether warranted or not. Are your seat belts fastened?