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To: Rarebird who wrote (55554)	6/30/2000 9:47:20 AM
From: pater tenebrarum	Read Replies (2) \| Respond to of 116764

RB, i think the market is still in the denial phase. imo not much has been priced in, with the NYA/SPX/OEX barely off their all time highs. looking at the p/e ratios, price/book, price/sales, etc. of the market's 'darlings' i can only scratch my head. what's more, the quality of balance sheets has generally deteriorated markedly as the big wealth transfer pyramid scheme has gotten really into gear in recent years. (i'm talking about buying back stock by increasing one's debt, and then redistributing the stock to management via ESOP's - the managers get to cash in, the existing shareholders remain with the severely impaired balance sheets....) regards, hb PS: right now, the market is priced for a soft landing. neither the possibility of a hard landing, nor that of a mid-air explosion have been factored in.