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To: Mao II who wrote (6360)	6/27/2000 11:36:00 AM
From: James Strauss	Read Replies (3) \| Respond to of 13094

While it is true that basic materials are poor performers in low inflation environments, this seems to be saying something more than that, which is what concerns me -- namely that we are at the beginning of a serious slowdown which will accelerate as the rate hikes work their way through the economy. Let's hope my concerns are overheated. M2 M2: While I agree that one could argue that weakness in the basic commodities industry (paper, copper etc.)may foreshadow problems in the construction and manufacturing sectors, a change in direction of interest rates can quickly turn around those sectors... Regardless of the direction of interest rates, it's still up to the management of those companies to run efficient and hopefully profitable companies... IP came in with earnings of about 50% of analysts estimates... wsrn.com Margins have been thin for years... wsrn.com The chart shows it at about a 6 year low... bigcharts.com It seems reasonably priced for the earnings it has been delivering... Jim