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To: DaveMG who wrote (12036)	7/4/1998 7:15:00 PM
From: Sawtooth	Respond to of 152472

OT <<Maybe people who are buying DELL and LU at these levels really aren't so stupid...>> Dave: I think Fischer addresses this issue in the same book by way of asking if companies that are always (or almost always) selling at high valuations relative to the market and their peers, are, in fact, overpriced??? It's an excellent question to ponder. If LU, for example, has traditionally sold at a 50% premium on a P/E basis to it's peers, is it overpriced today or next year at the same multiple premium, or is it right priced (all else being equal)? ...Tim