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To: SHGLaw who wrote (8905)	1/21/1999 7:00:00 AM
From: tonto	Read Replies (1) \| Respond to of 9343

Barton Bigg's comments regarding the net valuations. Thursday January 21, 3:55 am Eastern Time Morgan Stanley's Biggs fears Brazil woes to spread TOKYO, Jan 21 (Reuters) - Barton Biggs, the influential chairman of U.S.-based Morgan Stanley Dean Witter Investments, cautioned that if Brazil's economic woes spread to Argentina, it could set off a fresh round of destabilising currency devaluations. Brazil, he said, was the latest in a long line of countries that have been subsumed by crisis since speculators forced Thailand to devalue the baht in the summer of 1997. ''I'm very afraid it (the currency crisis) will claim other victims in Latin America,'' he told a seminar in Tokyo. ''The most obvious one is Argentina.'' Brazil accounts for 60 percent of Argentina's manufactured exports and 35 percent of all the country's exports. Biggs is closely watched by market traders, who often view his comments as indicative of how Morgan Stanley might deploy its cash. If Argentina devalues its currency, speculators might be emboldened to attack other currencies, included the Hong Kong dollar. China may also be forced to devalue the yuan, he said. Biggs also cautioned that the U.S. stock market may be experiencing a bubble and has been buoyed by liquidity in the wake of global central bank interest-rate cuts. Biggs also called the rapid appreciation of Internet stocks a ''bubble,'' and said it had already lasted a relatively long time compared to previous bubbles in speculative sectors. He added that many investors were unsophisticated and were not using rigorous methods to value Internet stocks. ''They are buying Internet stocks strictly on the basis of their personal experience in the Internet,'' he said. He repeated his previous assertion that the Japanese stock market, which currently bounces along at about a third of its all-time high, would outperform other major bourses in years to come. ''I think the Japanese stock market is going to be the best of the big markets in the next three to five years,'' he said. Woke up to cnbc this morning do another of their eye-rolling descriptions of the potential lcos buyout. We are in a phase where anything .com causes every commentator and analyst to pretend to heave as they mention the stock price, earnings, etc. It's simply fashionable these days to suggest that this is all tulipmania, that the valuations are unsupportable and that the stock prices are in the process of, or soon to, crash. And never again will they see such lofty and undeserved levels. This seriously pisses me off. We have been here a long time. This didn't happen overnight, and without any thought. It's just that they didn't care to notice until recently, and having failed to predict it, rationalize it or benefit from it, they take great glee in knocking it. I want to see this runt hit 100 again, or better, and the anti-net bias of the moment ignores that this is not tulipmania, this is the birth of a nation. SHG

To: SHGLaw who wrote (8905)	1/21/1999 11:14:00 AM
From: chirodoc	Read Replies (1) \| Respond to of 9343

shg we mostly agree about the tulip but these things do have wild swings and taking a bit of profit at the top is not such a bad idea i started in seek in the low teens and did a bit of trading on the wild swings now that it is disney i am going to hold it i only have $15K in the stock so my risk is small but they are right when they say these things can crash look at the chart of amzn and ebay over the next few days anyone buying at the top has lost quite a bundle valuations have become stretched but the growth has been underestimated for so long by wall street that they needed a year or two of huge rallies just a couple years ago when i bought aol at 32 the pundits on the street were saying there was no way aol would make any money curtis