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To: Patrick E.McDaniel who wrote (58737)	8/17/1998 10:08:00 PM
From: HORSESHOUTER	Read Replies (1) \| Respond to of 176387

<<<To: jbn3 (58067 ) From: HORSESHOUTER (Trial Member) Thursday, Aug 13 1998 7:22PM ET Reply # of 58740 "GREAT EXPECTATIONS",,,,,,,,,,,,, Check out the writings of Dr. Milton and Rose Friedman, founder of the "School of Rational Expectations", nobel laureate in Economics, Professor Emeritus University of Chicago etc. etc. "They" are watching us and though you may think "Patrick's Earning's Estimates" is a fun little game, many out there in the financial world are listening to this and other internet forums. The street CANNOT handle DISAPPOINTMENT and when expectations are raised too high, disappointment always follows.>>> ......Less than 24 hours away............. HORSESHOUTER

To: Patrick E.McDaniel who wrote (58737)	8/17/1998 10:52:00 PM
From: Chuzzlewit	Respond to of 176387

Patrick, Bachman is absolutely right. The term whisper number is really a short-hand designation for investor expectations. All of us know that "analysts" simply convey official guidance from the company, and we all know that the company likes to set the bar low so it is easy for them to meet "official" estimates. So we have devised a cottage industry of second guessing the company. But we are not alone. Brokerage houses and money managers also do it. Collectively, we constitute the brains behind whisper numbers. And we do it in two ways. We do it explicitly when you run your quarterly polls, and when people like Jim Kelley or Meathead or some other skillful investors come up with their detailed analysis. But we also do it implicitly with our buying and selling patterns. TTFN, CTC