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To: Mel Viticus who wrote (13240)	4/21/1998 7:24:00 PM
From: Mark[ox5]	Respond to of 27968

This one is poignant: Last of 3 exerpts... Good luck to the suckers going home to watch CNBC and will be buying these in the next few days... "Now, I might have painted some great companies with one brush in the above column, but on a day like today, watching unknown companies double and triple just because they're involved in the Internet, makes me want to retch. Not because some trader is going to lose his shirt or win someone else's and not because some housewife that gets a kick out of day-trading (you see this sort of thing on the data services commercials on CNBC) will lose her daugher's college money because the market metes out random, positive reinforcement of speculative mindless trading. There is nada I can do about that. I also retch because I know -- I KNOW -- what the outcome of most of these companies will be. Most will eventually sink back into obscurity and lose people money. That's because the great majority of companies are mediocre, a small minority stink, and a smaller minority are great. A tiny fraction is world-class. Most of these companies are overvalued on current fundamentals, have overinflated growth expectations built in, and are priced beyond intrinsic value even if the market is there for them to grow. If you're in some of these and bought because they put out a press release mentioning they're doing business on the Internet, good luck. "