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To: accountclosed who wrote (85269)	2/2/2001 12:27:29 PM
From: Ilaine	Read Replies (1) \| Respond to of 86076

The point I was trying to make is that you were arguing yesterday that if the game is rigged, shut up and play it the way it's rigged. A couple of years ago you were arguing that valuations mattered. But it was plain to everyone a couple of years ago that valuations didn't matter, or at least not traditional valuations like P/E. I still question whether P/E means anything these days when stocks don't pay dividends. What's the point of discounting the future earnings stream when none of them are going to wind up in your pocket, anyway? You aren't given the choice (not in tech stocks, anyway) between deriving income from interest vs. income from dividends - so why not use another type of valuation? The argument against that is that the game is rigged - but, as you said, so what, shut up and play or get out.