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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Adam Nash who wrote (18622)	4/7/1998 6:28:00 PM
From: derek cao	Respond to of 70976

Re: Check: berkshirehathaway.com and read Warren Buffet's 1997 letter. I agree 100%. Adam, just be careful. Warren Buffet is a smart fox. He covered all side's views. After reading his letters, both bears and bulls feel vindicated. derek

To: Adam Nash who wrote (18622)	4/8/1998 4:23:00 PM
From: Steve Tauscher	Read Replies (1) \| Respond to of 70976

Adam, OFF TOPIC Thanks for your response. You make good points. My concern is what seems to be a U.S. market that is advancing more on P/E expansions than on gains in earnings and productivity. I don't think we have a bubble but we are extended on a historical basis when looking at P/E's, PSR's, price to book, dividend yields, earnings yields etc. If you couldn't tell I went to cash (in March) and now I just started shorting a little but am nervous with the tremendous liquidity pouring into the funds. I would like to get back into AMAT, ASYT, SFAM, COHU and some biotechs or pharmas but I'll wait until I see better outlook or valuations. Thanks for the link! Good luck in your investments Steve Tauscher