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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Peder E. Angvall who wrote (3916)	10/9/1998 9:50:00 PM
From: LTK007	Read Replies (2) \| Respond to of 18998

O.K. that's your decision--but no one has a a 100% track record,no one---but to be frank this market is shorters heaven right now-- it is incredible but true that 45% of all stocks this year are down 50% or more this year,so it is hard to miss on a short.Max90

To: Peder E. Angvall who wrote (3916)	10/11/1998 7:25:00 PM
From: David S.	Respond to of 18998

just noticed the discussion of abtx. frequently, brokerage firms in setting price targets, ignore the effect of tax loss carryforwards. I am not going to take the time to look at the implied tax rate for various years of projections of abtx. By assigning high P/E ratios on lightly taxed or untaxed earnings, analysts are getting away with murder. Often, these writers will do a 1:1 comparison to companies in the same industry that are paying full tax rates, and imply that the company they are recommending deserves the same multiple, ignoring the fact that if their baby stays profitable, the runout of the NOL carryforward will make surface earnings tougher to grow.