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Non-Tech : Shorting the Big Banks (e.g. JPM, BT, CMB, CCI) -- Ignore unavailable to you. Want to Upgrade?

To: dj8000 who wrote (214)	12/18/1998 2:14:00 PM
From: Don S.Boller	Read Replies (1) \| Respond to of 268

dj8000: THE PRICE EARNINGS RATIO IS THE RESULT OF PRICE MOVEMENT - NOT THE CAUSE.................................... For fun - you might check out the p/e's of YHOO, AMZN, EBAY,etc. Best, Don

To: dj8000 who wrote (214)	12/18/1998 9:23:00 PM
From: Moominoid	Read Replies (1) \| Respond to of 268

In the expectation that the earnings would be downgraded further. Have a look at BT in the last quarter for example. CMB stock was exactly at my computed fair value given analysts consensus at that point. Unfortunately picked the wrong one.... Earlier in the year I was long CMB and picked exactly the right point to exit. Methods would have picked similar points in the past. Noticed that if I'd gone short there would have made money. Well it's only probabilities and this time the unexpected happened and they announced higher expected profits leading to upgrades. David