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To: Michael Collings who wrote (8495)	3/17/1998 5:20:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 27307

Funny that Graham has become, to today's "investors", just a name from the past whose ideas are long forgotten (like Marx to the Soviets?), yet when his most famous student simply evades the question of whether the market is overvalued, they all rush out to buy more stocks. Why would anyone be concerned whether Buffet is bearish when they have all but dismissed the methods he learned from Graham? Do you think it has occurred to anyone that perhaps he didn't say it because he doesn't want to be blamed for another sharp selloff? In fact, other leadership figures who had publicly expressed concern in the past have more recently made similar carefully worded statements that seem designed to note the risks without triggering alarm. Look at Greenspan's most recent testimony before congress. Regards, Bob the Bear