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To: the Chief who wrote (3129)	12/6/1998 8:12:00 PM
From: Mr. Forthright	Read Replies (1) \| Respond to of 37507

<<Multiples in themselves were the invention of a brokerage that had a "stock hit their target", but still "loved" the stock!>> WRONG AGAIN!!!! Do you know what a P/E ratio is? Try E/P. What do you get? Yes, you are right, return on your investment. Real valuation ratios are relevant in assessing potential returns, risks and quality of a company. They are also a good measure of market mania when they stop making sense from an historical standpoint. Your greatest mistake is to assume that in 1998 we have made structural changes in how stocks should be valued. Do not over-simplify stock market fundamentals. Your readers will discover that are only a hypester.