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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: S Shaw who wrote (7449)	11/23/1997 2:17:00 AM
From: Bill Wexler	Read Replies (1) \| Respond to of 9285

<< Any thoughts on the effect here on Monday?>> I expect all the usual momentum maniacs to spout off Monday morning about how the U.S. bull market is still intact and how tech stocks are still UNDERVALUED. You see the current mantra is "buy and hold" (after all...what possible danger could there be in buying something like YHOO at 50x sales if you intend to hold it for a long time?) Not that I'm against long-term thinking. After all, wasn't it Warren Buffet that said he likes to buy great businesses at a fair price and hold them forever? I just don't think the same logic applies to a high-tech company with an uncertain future trading at 3 or 4 digit P/Es (assuming there is any "E"). But then, what would I know? I'm not one of those investment "visionaries" who believes that its no big deal to pay billions for companies with miniscule revenues. Interesting article: www4.techstocks.com