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To: David K. who wrote (56)	6/30/1998 12:44:00 PM
From: Ron Kline	Read Replies (1) \| Respond to of 80

PE in general is a very poor predictor of stock return. Many companies that have in the past had very high PE's returned much more than the market averages. It's kind of an old school of thought to buy low PE stocks, in fact most companies that have very low PE's have horrible returns. I look more at consistent growth in earnings, and let the market decide what it thinks the PE is. I do like to see EPS growth exceed the PE, but like in the case of AOL it also doesn't always work that way. Ron