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To: jbn3 who wrote (45438)	5/30/1998 1:01:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 176387

Good morning Bachman, I couldn't agree more. We, along with many other investors are the market, and we are the ones who generate those expectations - reasonable as well as unreasonable. But superimposed on us are the momentum investors and chart guys. Now these people don't make investment decisions based on valuation expectations. They invest simply on the basis of recent price movements. In my mind these are the greater fool players because they seem to be totally unconcerned with such trivialities as the strength of the balance sheet, or the quality of earnings or the larger economic landscape. They move in megaherds and their stampedes in and out produce dramatic price swings, but in the long run their little lemming feet provide noise and nothing else. The problem with these creatures (I prefer to think of them as voles) is that they are inherently unpredictable. One minute they are chachaing with KTEL and the next they are having wet dreams with PFE and ICOS. So I think its dangerous and foolhardy to make investment decisions on the basis of rodent movements. TTFN, CTC