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To: michel ciambra who wrote (25994)	10/18/2000 1:51:54 PM
From: LLCF	Read Replies (1) \| Respond to of 27307

No reason to get testy...what happend to the nice jousting? You are clearly upset and irrational: 1.) <Clearly you are living on Mars. Economists such as Soss at CSFB are saying exactly this.> Why don't you post your "exactly"?... because I'm sure it doesn't look like this: <"Add to that a productivity picture that is still bright, a GDP that will still be in excess of 4% and little or no inflation."- > 2.) < Credit spreads for the kind of crap that you have bought are of course widening.> Please read my post: "Actually yields on high grade corperate bonds continue to rise" All spreads are widening. But I also find it amusing that you bring up 'crap' [assuming you mean where the spreads have really exploded] when your original post that I refuted was more about fast growing emerging sectors definitely affected by 'crash' in the riskier portion of the credit curve than about mature AAA type names: <The stories that will do well are no different tomorrow than they have been in the past. Companies that can produce revenues at a sustainably high growth rate will be recompensed. Those that do not will be killed. The days of the large caps as we know them are over. They are making way for a new breed. The surprise that is costing most investors is that it is not an internet revolution that is taking over. It is the infrastructure tools companies and data warehousing and storage stocks that will be the next Microsofts.> 3.)That carries over to your LIBOR argument where you 'about face', shun the 'fast growers' and go back to 'the large caps whose days are over" in order to butt cover on your LIBOR statement: <Companies that have morfe than dreams for a business model are still borrowing at more or less libor. France Telecom have done such a deal only last week.> <But you would argue that it doesnt count because its european!> No I'd argue that it doesn't count because it's more than 1/2 owned and therfore backed by the state! Yea, I would think they can borrow at "more or less" LIBOR ROFLMAO.. that's weak. <Credit is based on interest coverage. And that is based on EBITDA. Those that can pay will get credit at reasonable rates. Those that cant will not. > Actaully the above AND the 'perception' of who can pay and who can't... that's part of my point the perception has changed. That't what widening spreads means. < Afterall, you have invested in companies (no doubt) that are having their market Caps trashed justifiably because of their lack of earnings or earnings growth.> Fight or flight is an imature communication pattern probably based on getting in over your head in this debate. Just my guess. <Now the credit markets are closing on these dogs because the markets are efficient. And now you are starring at the abyss, as are they.> I'm actually toying with the idea of buying a few of the stories that I like. <Tough luck but stop starring at the headlights and react. > Sorry, I'm not posting as some chicken little about a falling sky... I was simply pointing out you're mis-info. I am bearish on the S&P though for the next coule of years unless it goes dramatically lower, FYI. DAK