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To: Maurice Winn who wrote (70740)	4/17/2000 8:07:00 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Re : failure-seeking "intellectuals" -- I think Robert Wilson has revealed a profound piece of wisdom. Did you hear Professor Shiller (of Yale University) on CNBC around 3:30 P.M. on (what some are apparently already calling) Black Friday (4/14/00) ? Believe me, I have nothing against arrogant people connected with Yale (since I am one myself), but I found some of Mr. Shiller's comments incredibly irritating. There was one part of the interview where his analysis boiled down to the following : <<"Well, even though we have definitely had a sharp stock market pullback recently, when one is considering whether or not stocks are still priced ridiculously high, there is one simple truth -- the S&P 500 is still (right now) at a level triple that of just a few years ago.">> (And ... that was "it," basically). Mr. Shiller -- @$!#%^#@!@!!!!. Does anyone ever consider that the whole (long run) perception of interest rates levels (in general) has been ratcheting down on a more or less continuous basis ever since early in Reagan's first term ? Nothing (in my opinion) is more important to determining securities pricing levels than interest rates. Jon.