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Technology Stocks : SAP A.G. -- Ignore unavailable to you. Want to Upgrade?

To: fred douglas liebling who wrote (866)	5/8/1998 6:15:00 AM
From: Holger Johannsen	Read Replies (2) \| Respond to of 3424

Hi Fred, why do you get so nervous? This Asian crisis is nothing new and I wonder why people suddenly look at it again. It was overblown before and now some bears seem to have fun with these old news again. SAP has almost nothing to do with it. An interest rise is IMO totally out of question. I don't see any sign of inflation in the US. There are more signs of an economic slowdown and I can't believe the Fed wants to accelerate a slowdown. All these hawkish comments are only made to cool down the market. If there was a real threat of an interest hike then why has the Dollar lost more than 10 Pfennig in a week? Mr. Kuehbacher, member of the directors board of the Bundesbank just recently said that he sees no reason at all to raise interest rates in Germany. Inflation is dead over here for now and the current economic environment (highest unemployment rate since WWII) does not permit any rate change at all. Nevertheless, the market has already discounted a rate hike for EMU. This is a wonderful example of the stupidity of the Euro. Ireland's and Spain's economies are booming and an interest hike there would be a good idea. But Germany and France are still in recession and need the currently low interest environment. The only worry I have is the euphoria in some markets. Entremed and K-tel are the best examples. Both are great shorts but even here in Germany we have lots of great shorts in the so called New Market. Stocks with PEs > 120 just wait for a correction. Whatever the market as a whole does, I feel SAP will do much better and since I hate to be not invested I just hold my SAP and wait for a correction to average up. Holger