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To: oldirtybastard who wrote (72308)	2/27/2001 12:06:26 PM
From: Ilaine	Read Replies (1) \| Respond to of 436258

It think it's important to distinguish between prices which bear no relationship whatsoever to economic reality, and ones which do. In the latter category I would put prices which were set based on assumptions which need to be revised due to a change in economic conditions. There is no reason for these prices to change drastically unless economic conditions change drastically. In the former category, e.g., prices for internet companies, we have already seen what I would define as collapse. Is the recent bull market the result of insanity, or is it the result of a booming economy and too many dollars pursuing too few shares? Doesn't it depend on which companies you are talking about? Last year Bill Meehan told people to invest in value. A lot of people on this thread hooted at him. Well, read it and weep. Over the past year, growth stocks lost money, but value stocks made money. barra.com