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To: John Lacelle who wrote (51033)	12/24/2000 4:22:06 PM
From: Grandk	Read Replies (2) \| Respond to of 436258

John, I don't want to speak for Un, but I believe that post was written with a considerable amount of sarcasm. KO has grown at roughly 5-7% over the last 5 years. They have yet to prove that the current growth of 15% over the next 5 years is achievable. If we take KO earnings for this year of 1.46 estimated, and multiply it by it's expected growth for the next 5 which is roughly 15%, we would get a share price of 21.90. This is assuming they can grow at 15% a year, which in my opinion is a stretch in an already oversaturated market. PEP is gaining on them as far as innovation goes, and KO is in dire need of a new product that appeals to the masses. In my opinion, KO at $21.90 would still be overvalued. KO is a company on the downside of it's reign, and may struggle to regain it's favor once this bear comes to an end. This chart should help put things into perspective for you. 207.61.23.99 ~Jason edit: John, my apologies. I just re-read you post. 10-20% of what is is now, or $6-12. This is what you where attempting to convey, correct?

To: John Lacelle who wrote (51033)	12/24/2000 6:04:23 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

Sorry If I Was Not Clear I was being sarcastic. some might even say cynical. The question I have, though, is did you think the other points I made in the post were good examples on an efficient market. <gg> It is interesting that when people talk about exuberance that they think about the tech's. But if you take a look at the Dow components you can see that the priority that has been placed on ensuring that the Dow stays relatively strong has resulted in a large number of these companies being priced at absurd levels. As I'm sure you have figured out the type of market correction that would be required such that stock prices were a reflection of the risk adjusted present value of expected future earnings is so large that anyone who even suggests the possibility is at best a perma-bear or at worst crazy. While I won't suggest whether or not such a correction is in the cards it is clear that until it does the market will continue to have the volatility which we have been seeing (up 10% one day, down 7% a few days later - with individual stocks having even greater day to day swings). It seems pretty obvious that these types of swings can only exist in a market which is not grounded in economic reality. While this type of volatility may be good for the financial services industry it is poison for the capital markets, the industries they are supposed to support, and the economy in general. These things have a way of working themselves out. Unfortunately it is not always pleasant.