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To: Brian Moore who wrote (17456)	3/15/1998 10:08:00 AM
From: tonyt	Respond to of 32384

> My take on Buffet: No effect Monday Last year his statement that 'the market had risen to levels that left prices unrealistically high.' caused the dow to drop 80. While he did temper his statement this year, I would be suprised to see no effect. True, in no way is this a 'sell' statement, but it isn't a 'buy' statement either as he stated that "Prices are high for both businesses and stocks. That does not mean that the price of either will fall -- we have absolutely no view on that matter -- but it does mean that we get relatively little in prospective earnings when we commit fresh money." Anyway, all the market needs is for more earnings warnings or rumors of a Fed hike, and then his statement becomes a 'sell' FWIW, The WSJ changed the lead-in (its still the top story): from: "WARREN BUFFETT was cautiously optimistic about equities is his annual letter to shareholders. The Berkshire Hathaway chairman said that while stocks may not be overvalued, prices are generally high." to: "WARREN BUFFETT said the stock market may not be overvalued as long as interest rates remain low and corporate profits stay strong. Separately, in his annual report to Berkshire Hathaway shareholders, he said the company posted a pretax gain of $97.4 million last year on its foray into the silver market."