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To: Zeev Hed who wrote (15528)	4/23/1998 12:32:00 AM
From: ET	Read Replies (1) \| Respond to of 18056

z head..are you still BEARISH??? boy, did you miss the move.... ....don't forget to tell me when your bullish.....that's when i'm selling.... ...sure glad you stopped posting your negative slanted comments on the threads i post on...i was starting to feel bad for you....

To: Zeev Hed who wrote (15528)	4/23/1998 12:42:00 AM
From: Richard Nehrboss	Read Replies (1) \| Respond to of 18056

Zeev, I wanted to tell you and the other posters to this thread that I truly enjoy reading your interesting perspectives. You've pointed out something that I had not considered: the impact of company stock buybacks compensating for low yields. Can you expound, share some numbers, sources, etc. I'm trying to determine how much I should be hedged. I feel we are high.. PE ratios etc. Then again with my alternative being long bonds at 6-7% (a forward PE ratio of about 16) a PE in low 20's for something that will yield sig. higher ROE doesn't seem that bad. What are your thoughts on this? Where were some of Japans ratios in 89? Thanks again for your thoughts and information. Richard

To: Zeev Hed who wrote (15528)	4/23/1998 8:30:00 AM
From: Mike McFarland	Respond to of 18056

Zeev and thread: I've slowly come around to the belief that that there is indeed some inflation kicking in, due to wage inflation due to tight labor markets, and easy money, which is being made in the markets and in real estate. The fed measures inflation based on food and energy items, there is no inflation there however, but so what? The fed raises rates to clamp down on easy money and cool stocks: And this does several things--helps out oldsters by lifting rates on their fixed incomes (tho maybe I am wrongly assuming they are in treasuries, maybe Grandma owns Dell Computer ha ha), and takes the top of a market that has them worried. Plus, think of all the extra cap gains the IRS can get if they can increase the churning, get folks to sell and buy back on the dip, perfect. Finally, the gold bug thread has really lit up (why I even have a gold stock now!)...is that a sign? Maybe a contrary indicator, but I think the gold bugs sound more rational lately.