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To: pater tenebrarum who wrote (74856)	3/2/2001 6:21:32 PM
From: Haim R. Branisteanu	Read Replies (3) \| Respond to of 436258

Fleck sounded confused .......... may be we are in a new era he said and average range for paper P/E is 20 to 80. Haim

To: pater tenebrarum who wrote (74856)	3/2/2001 6:32:15 PM
From: Shack	Read Replies (2) \| Respond to of 436258

Ted David did the interview which was fairly brief but not too bad. By that I mean David was civil. Fleck talked about how we were in the greatest bubble of all time and how the stock market became the economy "One half the GDP of the world" was I believe how he put it. He says that there is no reason why all the indices "couldn't all get cut in half which would be a return to the mean" which he said "statistically wouldn't be an anomaly at all" Talked about that owning stock "was viewed as owning paper, now it is back to being viewed as fractional parts of businesses" David asked "what would make you wrong?" Fleck responded that only if we truly have entered a new era where PE's will be 20 on the low end and 80 on the high end. (he doesn't believe this to be the case.) David asked "where should an investor put their money". Fleck said to focus on capital preservation, t-bills etc... So they can be there when the market bottoms. Fleck then said "he wouldn't even cover his shorts" Right on Bro!