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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (33644)	10/9/1998 10:17:00 AM
From: Cynic 2005	Read Replies (1) \| Respond to of 132070

Mike, you have been in awfully good mood lately. Your sense of humor is at its best in the past few days. -MMV

To: Knighty Tin who wrote (33644)	10/10/1998 4:50:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

To all, Barron's was good for a change this week. First, there is a great table comparing the valuation of the S&P 500 in 1982 with its valuation today. Now, those grotesque numbers are today, not before this mini-crash. That should provide some thinking material for those who claim we are at an oversold bottom. However, to be fair, which I hate to be, they did not put in interest rates, which are a vital part of valuation. It is still a damning table, even with rates, but not as obviously so for those dumb enough to believe in the New Pair of Dimes. Page 5. 2. On page 6, the brilliant Marc Faber repeats what I've been saying about Japan, both the economy and the stock market. Which is why I think he is brilliant. <G> 3. Eps estimates are listed for some big, extremely overpriced names that report next week. Such as Gillette, Intel and Merrill Lynch. Gee, Abbey Jo never told us all these guys are expected to have down quarters from last year. <G> Even Johnson & Johnson's estimates look pretty puny to me. 30 times eps still seems excessive for a co. growing at 10%. Of course, certain people who shall go unmentioned by name, are long DRG puts. <G> 4. There is a supposedly contrarian article about buying Korea and Thailand. No, Barron's you are supposed to write that BEFORE they outperform every other market for a quarter, not after. But, close enough for New Yorkers. <G> 5. Leon Cooperman, whom I both like and respect, gave an interview that seemed very weak to me, defending the lousy results at his hedge fund. He made some good points, but I wondered why somebody as smart as Leon didn't have any puts on US stocks. 6. A Joe G. special in the Mailbag section, as some guy rips the Nobel Prize for Economics. Good letter. Our Joe could have done better, but he's too danged lazy. <G> MB