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To: Duane L. Olson who wrote (21997)	4/24/2000 8:13:00 PM
From: sea_biscuit	Read Replies (1) \| Respond to of 25814

Yes, I think most all Nasdaq stocks are still way overvalued. Microsoft (and Cisco too) is a good "technology franchise", (almost an oxymoron because technology is constantly changing and "franchise" implies lack of change) but there are far superior franchises like KO, G, DIS and BRKA/B out there. Only after I allocate my money to these will I even look at MSFT and CSCO. And even then I will probably buy them, if at all, after most people have written them off. Not anytime sooner.

To: Duane L. Olson who wrote (21997)	4/24/2000 8:34:00 PM
From: sea_biscuit	Read Replies (1) \| Respond to of 25814

Hey, do you recall that in 1974 there were a few stocks that actually sold at PE's under Two? Sure. Heck, the whole market was trading at a PE of 8, or was it 6? Many "sure things" like Polaroid, Avon, IBM, TXN, DEC, MCD, KO etc. had come down a lot farther than the market itself. If we have a bear market now, we will see the present-day "sure things" like CSCO, INTC, MSFT et al suffering the same fate. No, it doesn't require the end of capitalism <g> All it needs is something that is found ONLY in capitalistic societies -- a bear market.