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

To: Peter H. Hodge who wrote (2931)	2/13/1998 1:47:00 PM
From: Pancho Villa	Read Replies (2) \| Respond to of 18691

IMO all these brokerage houses will fall like a rock once BK hits. All the symptoms of an extremely overpriced market are out, investment houses like ML at near record highs, flight to quality [nifty fifties], merger mania [use of PE leverage i.e. you are a PE=30 stock buy a company whose PE is around 20 and the the market values the profits of the merged company at the higher multiple of 30, the result share price goes up like hell example:CNC. Neat trick! However, even dumb investors catch up with it eventually], Valuing companies on sales multiples rather that profits, etc. Pancho