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To: H. Lee Grove 2 who wrote (10476)	7/15/1998 10:44:00 PM
From: Tom D	Read Replies (1) \| Respond to of 164684

<<<To what philanthropic...level do you think Bezos believes he can take this Ticker to?>>> There is a middle ground between philanthropist and "cashing in", or "scam artist" (to put Glenn's words in your mouth). I think most CEO's believe they are building a viable business, creating meaningful jobs for their employees, and bettering society in many indirect ways. If they wanted to help people directly, they'd become doctors or nurses. I see no evidence for the thesis that Bezos is knowingly running up the share price so he can unload his shares before the public wises up. If he does this, his reputation will be dirt. Most CEO's won't take on a public reputation akin to fecal matter in order to make a quick buck. Yet he is accused of the same, without any evidence. As HJ would say, "God Bless America! In this country we are presumed innocent until proven guilty" The HJ usually closes with.... Trust Me Tom D

To: H. Lee Grove 2 who wrote (10476)	7/16/1998 2:19:00 AM
From: H. Lee Grove Jr.	Read Replies (1) \| Respond to of 164684

Glenn, It's not often I beat you to an on-target article... Lee Is Market Correction Over Already? By JOHN CUNNIFF .c The Associated Press NEW YORK (AP) - Nothing to worry about, the analysts say, as they declare the stock market correction just about over. Just look at the big corporate earnings now being announced, they say. Is it possible? Could the long-forecast stock market downturn have ended after just a month or so and less than a 10 percent drop in the Dow Jones industrial average? Could investors get off that easily? Well, they could, perhaps, with luck and unforeseen good news, and a suspension of some of the old laws of how stocks should be valued. But to believe there's nothing to worry about requires a suspension of belief in the power of economic facts, such as the monetary and economic distress of Asia, Russia, Africa and much of Latin America. Closer to home, it means ignoring signs of increasing sloppiness and extravagance in the conduct of business affairs. It means ignoring the news. How else do you explain the profusion of high-priced, frivolous, questionable-value products from kitchen aids to houses and cars now being hawked by promoters? Or June's $30 billion net flow of cash into mutual funds, with about $24 billion going into stock funds, when most of those funds cannot even match the popular averages? Or the growing numbers of near-instant multimillionaires as a result of nothing more than having been in at the start of a new stock issue for a company that has yet to make a profit, as in the case of the online bookseller Amazon.com? Or that corporations are transferring billions of dollars of equity from investors to favored employees through morally and perhaps legally questionable stock options? And giving bonuses for failing to meet goals? Or that one of the darlings of investors, Cendant Corp., headed by a financially savvy chairman, merged with a company that, it was later discovered, had nearly $300 million in bogus revenue? And it wasn't just the executive staff that failed to spot the fictitious revenues of the former CUC International - the stock analysts who promoted the shares and the outside accounting firms were duped too. Each by itself is remarkable, but when these items seem to merge into a pattern it causes some of the more cautious investors to see flashing red lights and talk about it being time for the market to rest. The popular investing mood, however, seems to maximize what is good about the markets and minimize the negatives. There is plenty of good news, of course, including a federal government flush with revenues, lots of jobs, low inflation and corporate coffers bulging with profits. The economy is strong. AP-NY-07-16-98 0016EDT Copyright 1998 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.