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To: Eric Maggard who wrote (26300)	1/15/1999 10:53:00 PM
From: PaulM	Respond to of 116767

Eric, I think techs are what makes this mania historically unique. At least in prior bull markets, people over-payed for companies, but good ones. Much of the the NASDAQ can be characterized as massively capitalized junk. The average tech stock--putting aside the limited number of good ones, MSFT, DELL etc.--consistently fails to live up to its billing. It's been this way throughout the 90's. If you want an eye opener, check out how high PE ratios have had to go, and consistently, to keep the NASDAQ growing. Nevertheless, with each new wave of IPO's, there's never a shortage money thrown at the "next microsoft." JMO, Paul