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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Bonnie Bear who wrote (11407)	12/13/1997 10:34:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 18056

Bonnie, are you telling me to worry that my darling MRK is going to fall to the teens (book value plus one year's earning abiout mid teens). I think it will come down (and just this week I chickened out and did not wait to write those deep in the money calls), but in the short term (next three months) I do not see them going much inder a PE of 18-20, which will still put them at the 80 level, more or less. The point I am trying to make is that the dow includes some of the best companies in the US with extremely understated book values. It would be dangerous to assume that anything short of armagedon, will bring these companies to such bargain prices. Zeev