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To: pater tenebrarum who wrote (47665)	12/14/2000 1:16:32 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 436258

hb - Any thoughts on ECO? Regards, Don

To: pater tenebrarum who wrote (47665)	12/14/2000 1:28:09 PM
From: LLCF	Read Replies (1) \| Respond to of 436258

HB, Interesting anecdote in "The coming Internet Depression" about how the increasing importance of the automobile became to the economy in the 20's parallels the high tech market of today: "Tripling of auto production was the single biggest force for growth in the 1920's, and it helped drive a similar expansion in related industries such as steel, rubber, and highway construction." "In retrospect, the first precursor of the coming storm was a simultaneous slowdown in auto production in the spring of 1929 and a fall in auto stocks. After the peaking in April 1929, factory production of passenger cars slid by 41% over the next six months. Few economists or corporate executives were concerned, because they had seen similar slides before. Production had fallen by 40% or more in the secon halves of both 1927 & 1928, only to bouce back even bigger than before. But never had a slide in production been accompanied by a similar downtrend in the price of auto stocks. Investors reacted to the drip in auto stocks by shifing into other stocks. At the time this "market rotation" was applauded as a sign of strength in the economy. At a moment when the high-flyers of earlier months were losing ground, the really sensational advances were being made by shares of such solid and conservatively managed companies as U.S. Steel, GE, and ATT wrote Frederick Lewis Allen in "Only Yesterday". What investors did not realize, however, was that the falloff in auto sales and auto stocks was a sign that the leading sector of the economy, the one that had driven growth, was faltering. And that, in turn, was a sign that the boom was near it's end." DAK

To: pater tenebrarum who wrote (47665)	12/14/2000 1:46:08 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 436258

PB put it in his list as a potential book cooker. I lack the company specific knowledge to know if there are accounting problems. Their 10K reads rosy - only caution they urge is about decline in Euro having an effect. They are upbeat about their hedging activities (that they will not have an adverse impact on earnings - famous last words! -g-) BTW, I found more than 600k (not just 400k) shares were sold by insiders in Nov. biz.yahoo.com See this: <<CHASE H&Q issued a Daily Note on October 20, 2000 for WATERS CORP On October 20, 2000 CHASE H&Q analyst DAVID MOLOWA issued a 4 page Daily Note on WATERS CORP. Report highlights: 'Despite strong 3Q00 earnings results, negative guidance from management regarding the future impact of a weak Euro put pressure on the company's shares. A BUY rating was reiterated. Thecompany should generate EPS growth of 20% over the next three years.'.>> biz.yahoo.com Their actual eps growth is more like 15%, top line growth is about 13% and they have a PE of 75!