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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Lazlo Pierce who wrote (2206)	2/3/1998 9:11:00 PM
From: Roger A. Babb	Read Replies (3) \| Respond to of 18691

David, Mr. Murphy and I share the outdated view that there is some relationship between earnings and stock price. But we have been proven wrong by this market. Stocks go up on higher earnings. Stocks go up on earnings offset by writeoffs. Stocks go up after earnings warnings (ETEC yesterday and today). Stocks go up with losses. Stocks go up if the interest rate goes down. Stocks go up if the interest rate goes up. Stocks only go up. But one of these days earnings will matter once again and PE's greater than 20 will be few and far between.