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To: Gersh Avery who wrote (30751)	3/19/1998 10:06:00 AM
From: Mike M2	Read Replies (2) \| Respond to of 53903

Gersh, as Earlie has documented so well in his past notes the fundamentals have been deteriorating and continue to deteriorate. The trouble is the market is ignoring this reality. Mutual fund investors give their money to the fund to manage so they don't have to follow the fundamentals. The mutual fund managers are under pressure to meet or beat the averages so they load up on the same stocks. A conservative approach costs performance and possibly your job -Jeff Vinick. There is a saying we can all go down together but we can't let it (the mkt) go up without us. The mangers are playing with other people's money so heads they win and look like heros and tails the public loses. This may surprise some people but someday the coin will turn up tails. the public only knows reward they have not experienced risk. It is ironic that the risk appears minimal after an extended bull mkt ( the current one is unprecedented in duration and magnitude) when the reality is the risk is very high. Now that everyone is in the mkt who is left to perpetuate the trend? As prices rise each marginal dollar invested has less impact. To whom will they sell? Mike