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To: shane forbes who wrote (7413)	10/25/1997 9:40:00 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 25814

Shane, WS teached you WRONGLY to evaluate companies on future earnings. Why? because you can not prove them wrong, and if they are wrong WS analysts hide (from a legal point of view) behing the non-sense by saying it was ANTICIPATED EARNINGS. Well so much for those Snake Oil Sellers. Now to the actuality, WS was trumpeting the BIG OPPORTUNITIES in SEA and the local US market was already discounted in the valuations of the various stocks. Now WS recognises that SEA "explosive" market evaporated for the time beeing (1 to 2 years if not more) SEA still is the most populos area on the globe about 3 billion people including India/Bangaladesh. Now it resonable to asume that around 15% to 20% (Japan itself is 90 million) of those people standard of living is similar to the US standard, and that is substantialy more than all the US economy. So you have a biger than US economy in a recession/depression situation and to reinforce it, Japan still can not recover afer 7 years!!! Anticipated profits will shrink substantialy, just think of 2% to 5% revenue as uncollectible receivables during the next 6 to 9 months. That's a hit to operating profits which trickle straigth to the bottom line I hope it is of help, also see my previous postings in the KAHUNA tread Happy trading Haim