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To: Lucretius who wrote (10634)	4/25/1998 2:13:00 PM
From: Bobby Yellin	Respond to of 116790

short term he might be right.. but he forgot a few things.. no longer company allegiance technology can really be ripe for sabotage by unhappy workers.. more layoffs..less consumers with good incomes to put into the economy.. I would be shocked if Microsoft started laying off workers..(again famous last words?)..wouldn't be surprised if M. won't keep on buying small tech companies if government doesn't get in the way and add indirectly workers... people are not machines and eventually the stress gets to them all.. have been too tired(stress?) to check corporate numbers to actually how much their revenues are increasing..(don't trust profit reports because way too variables go into those..too too too many creative accounting practices) also areas in demand are getting so very specialized and don't know if former television generation has exercised their brain waves enough to fill the slots..ie telecommunications..biotech etc

To: Lucretius who wrote (10634)	4/25/1998 3:56:00 PM
From: PaulM	Respond to of 116790

"Earnings are on target because everyone is aiming low" S&P profits grew just 3.3% from the year earlier That figure "hasn't been lower since first Q of 1991" bloomberg.com Bear in mind that this follows a Q (ending Dec) in which earnings shrank year over year for the first time since 1991. And this Q showed shrinking industrial output for the first time since 1991. biz.yahoo.com Everything suggests a structural earnings/growth decline (which IMO hasn't yet felt the brunt Asia). Not that you detect that from govt numbers, in which GDP "growth" is mostly the inflation that doesn't show up in the CPI. Also bear in mind that at the end of last Quarter (dec 97) , S&P P/E was 27.5. Since then, the market's appreciated 16%.