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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: accountclosed who wrote (56525)	1/10/2001 7:06:28 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

Ant Man: Your other points aside, the points of mine that you linked to (about Bill M) were meant in a lighthearted way (note the <G>. Bill is employed by a major wall street firm (which would be expected to be a somewhat "moderating" influence on his comments publically and here). Nonetheless, he has clearly spoken his mind about the kind of issues we rant about, and specifically about how the System works against the small investor at times. While I don't agree with his buy recommendations (at this point), he's certainly entitled to his opinion. At least he isn't recommending MSFT at 100 or SEBL at 110 or ORCL at 45. He is a VASTLY superior analyst and stockpicker than Battapaglia, there is NO question about that. And no, I don't think he really got mescaline slipped in his drink, or took tokes off a glue bong. If my remarks were misunderstood, I apologize to Bill and he may consider this a formal retraction. Regards Patron

To: accountclosed who wrote (56525)	1/10/2001 7:19:36 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

worth is relative, don't get me wrong -- currencies, hard assets, paper claims on productive assets, etc. However, I think many of the large cap techs are still significantly overpriced in term of price to earnings going forward, i.e. I think earnings projections are very optimistic, even now My own view is that the DCF model is the way to value stocks -- this mania (yes, I still call it a mania) exists on a completely different plane -- the only returns given to shareholders by these big cap techs have been in the way of capital gains brought about by share buy-backs -- it is an unsustainable model based on a silly measure: EPS Until such a time as folks start using historical norms again I have a hard time regarding large cap stocks as investments -- nothing wrong with a trade here and there or if that is the entire focus of ones activities -- that's ok by me too -- what I thought was "clownish" was 2 ideas 1) Discounting a significant slowdown and 2) Buying big cap tech names as longer term investments Certainly, that's just my own opinion -- I respect Bill for speaking his mind -- he thinks for himself -- I just respectfully disagree on the near term prospects for the economy and whether or not big tech is attractive for the long haul at these prices I guess some would say this about some of the other chief economists/strategists, but I think the lot of them are simply whores -- salesmen and little more My observations were regarding views expressed in that link only. In regards to broader ideas you mention -- I'm in no way wedded to some always ultra-bearish POV. I don't desire economic hardship or TL & EV -- just appears to inevitable to me at this point ... Sentiment-wise I would even disagree on whether this is a good risk-adjusted trade -- to buy big cap tech now -- there's been no real washout -- just a slow grind down. Doesn't have to happen that way -- big washout day -- but it's human nature for folks to panic.