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Technology Stocks : INVX Innovex Comdex Winner !! -- Ignore unavailable to you. Want to Upgrade?

To: Mark Oliver who wrote (2668)	9/21/1998 7:32:00 AM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 3029

Good stocks, as we've seen, get beaten along with the bad in this environment..... need I say more? And they will be beaten more if indeed this is only phase I of a bear market. As to all this recent talk re: inventories having bottomed etc etc etc etc...... none of these market "forecasts" have ever been forced to take into account a recessionary/bearish climate like the one we are in.... I do not think there are many, if any, mgmt teams who have clear visibility over the next 6 to 18 months....at this point in time. I sense you'd like to call this a stock market bottom along with so many others....and that's certainly your choice..... but there's little fundamental proof at the moment for such a call adding to, in my view, a very high risk climate. I choose to do nothing long at the moment. A company's earnings history won't count for much in a bear market...where re-valuation of assets and appropriate valuation standards for p/e, p/b, p/s, ROE etc as they currenty have been will be tossed aside. Everything we've known before will be discarded when we've reached the true bottom of a bear market (if this is one)...and all of the old homework will have to be re-built from essentially zero. Lastly....in prior bear markets......great great companies sold at prices below book value.... in that light the p/e for INVX is tremendously high. I hope you make a ton of money.... but I won't be at this level of risk. Joel