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To: H James Morris who wrote (24004)	10/31/1998 12:22:00 PM
From: tonyt	Respond to of 164684

Barrons: The managers' antipathy to the market's priciest stocks is readily apparent in the list of issues they consider overvalued. Amazon.com, which garnered 49 votes as "most overvalued," and Yahoo, which racked up 37 votes, have no P/Es by virtue of the simple fact that both companies remain unburdened by earnings. Instead, they're valued at multiples of sales, and rather hefty multiples, at that. Dell Computer, which earned 42 votes for most overvalued in our latest survey, sports a P/E of 76 times its last 12 months' net. Microsoft, considered most overvalued by 22 Poll participants, has a P/E of 52, Coca-Cola, with 19 votes, a P/E of 45. And Coke's operating earnings are likely to grow by only 3.5% this year and 6% next. Honesty compels us to report, however, that many stocks the managers pan have tended to rise more than their favorite issues. (See Report Card) That's because their pans in recent years have tilted disproportionately toward the mega-caps, or so-called Nifty Fifty, that dominate the S&P 500. And the S&P, at least in recent years, has been the bull market's leader.

To: H James Morris who wrote (24004)	11/1/1998 1:41:00 AM
From: Gary Walker	Respond to of 164684

>>"So what will happen to the stock market? Dines thinks the Dow Jones industrial average will back off a little at 8,700 or 8,800 -- just down to 8,300 -- then will enjoy a sizzling rally to the end of the year. But the massive bear market and concomitant currency woes will come some time in 1999, he says. Schlossberg says the outlook is positive now, but the Fed has pumped liquidity in, and the market expects more. The Fed might be reluctant to provide it, partly because of fear of a bubble, as well as fear that the new G-7 program will make both have-not borrowers and have lenders too complacent." from.... uniontrib.com. The Father of all recessions in '99? I don't think so, now. More like 2000..... More like the mother of tug wars over wages and prices. Lots of deflation talk and pressure from cheaper imports. Labor shortages will drive up wages and salaries in '99 at a much faster rate. German unions want 6% pay increases in a high unemployment situation. Expect more militant unions in '99 here.... Industry consolidation continues and that will create mini-monopolies which will add fuel inflation on top of wage push. The mitigating factor is how agressively priced are the foreign goods. Lots of oversupply in the commodity area, and thus lower prices. Companies continue to drive cost reductions and re-organizations. Saw a political discussion on CNBC last night. The speaker said that the easing by the Fed was AG's repaying the republican party, who would be under some jeopardy if the markets were in a free fall ahead of next Tuesday's elections. If we got a liberal congress, we could be in big trouble. Looks like the republicans will hold the congress. AG may also be setting the stage for a recession in 2000, just in time for the Presidential Election. Food for thought....