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Technology Stocks : (LVLT) - Level 3 Communications -- Ignore unavailable to you. Want to Upgrade?

To: ahhaha who wrote (537)	3/26/1998 11:18:00 PM
From: Phil Jacobson	Read Replies (1) \| Respond to of 3873

Jeez har-har, I guess we're screwed either way. If the Asian crisis continues they'll dump cheap imports, we won't be able to export, and that will lead to low profits and the market crashes. If the Asian crisis ends we get cheaper dollars, higher interest rates, lower profits, and the market crashes. If oil rises we get higher inflation, higher interest rates, lower profits, and the market crashes (unless you've got a nice position in EVI, APA, and ESV like I do). Look, it's nice to have a pessimist around, it really is. Makes me use the other half of my brain. But talking to you is a lot like talking to this friend of mine who really, really thinks Clinton's going to be impeached. He convinces himself of it every day. There's a lot of evidence that not every bump in the economy leads to a once-every-50-years market crash. You remember Oct. 27 of last year when you sold everything? Well, I bought a lot of your stocks on the morning of Oct. 28 and I thank you for them. And the amount of bearishness then was as bad as it is now. People are not hyper bullish right now. Most are scared bears - they don't embrace the bull at all and are keeping lots of cash on the sideline. And they all have performance envy. The pervasive sense of bearishness is borne out by your "professional whisper circuit". And what keeps the market going is the fact that every day one or two of the bears can't take it anymore and throw their money in. Long as we've got guys like you we're headed to Dow 10,000 by the end of the year. So, yes I really do appreciate having you here as further confirmation of the current market direction. Phil