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To: Investor-ex! who wrote (23628)	11/30/1998 3:45:00 PM
From: John Mansfield	Respond to of 116762

Yardeni ('Econet' list server email): 'COMMENT: The New Economy is now the Yahoo Economy, where even the sky is no longer the limit. The outer limits are somewhere out there in cyberspace. GM and IBM were once market leaders. Now the Internet stocks provide the leadership. The new theory of relativity posits that web-site accessors, not earnings, matter. As the custodian of Yardeni.com, I should be a big supporter of this theory. Maybe I should even consider an IPO. However, while I am cyber-savvy, I'm also old fashioned. I was taught that stock prices should equal the present discounted value of future earnings. In my opinion, Internet is fundamentally deflationary, which is fundamentally bad for earnings. For now, there is no way to predict how high is up in a liquidity-driven buying panic. On the other hand, keep in mind that bullish sentiment is the highest since 1992. And don't expect the Fed to provide any more rocket fuel soon. SUBSCRIBERS: In the latest GLOBAL ECONOMIC ANALYSIS, I argue that easy money is inflating global stock prices, not the prices of goods and services, which are still under powerful deflationary pressures. Something has to give in 1999. You know where I stand. PUBLIC: In my latest Y2K REPORTER, I review the Y2K disclosure statements in the latest SEC filings of the S&P 500 companies. There are some real hair-raising comments from Chevron. Motorola, Du Pont, AT&T, GM, Intel...to name just a few. Is the stock market ignoring Y2K risk to earnings? I think so. See "Exuberant Delusion?" in the current issue of Barron's, for a discussion of my favorite stock valuation model. TV: In the US on Sunday evening (Nov 29), CBS's "60 Minutes" will air a segment on Y2K. I might be in it, if not on the editing room floor. MOVIES: "Elisabeth" is outstanding and full of more intrigue, though less sex, than the White House. "Enemy of the State" features Will Smith in an entertaining techno-thriller. "The Negotiator" is a well-crafted flik too, now available in video. Dr. Ed ****************** Please forward as appropriate. To unsubscribe, reply with REMOVE in the subject field or top of text. **************** Home: yardeni.com Weekly Audio Forum: yardeni.com Global Economic Analysis: yardeni.com Global Economic Briefing: yardeni.com Ecofax: yardeni.com Global Portfolio Strategy: yardeni.com Earnings Forecast: yardeni.com Flight-To-Quality: yardeni.com Stock Valuation Model: yardeni.com Y2K Home: yardeni.com Y2K Reporter: yardeni.com Y2K Netbook: yardeni.com Y2K News Fax: yardeni.com Y2K Action Day: y2kactionday.com Y2K Corporate Disclosure: progsys.com ******************

To: Investor-ex! who wrote (23628)	11/30/1998 5:37:00 PM
From: Enigma	Respond to of 116762

Investor-ex (ex investor? or investor extraordinaire?) - sounds a little biblical to me! But keep on trucking. E