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Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: Ross Roberts who wrote (4440)	2/5/1999 5:13:00 PM
From: Frank Ellis Morris	Read Replies (1) \| Respond to of 41369

Ross, I lived through the 1974-75 bear market and it was the worst in my life time where many stocks lost over half of their value. Yes it could happen again and I hope that no one here would be caught in margin if it does. Best Regards Frank

To: Ross Roberts who wrote (4440)	2/5/1999 5:23:00 PM
From: PDL	Read Replies (1) \| Respond to of 41369

This is also a follow-up to Frank's reply, and I don't mean to get you queasy before a nice weekend but... 1974-5 saw average P/E multiples get down to about 5.5 -- and then for the next 5-6 years we never saw the Dow get above 1000 and P/E's remained mired at around 7-8 times depressed earnings. Now I don't expect to see that kind of market again any time soon, especially with the fundamentals we now have in place. But the nature of the market is like the immutable laws of physics -- there will be corrections in the future. And Ross: if I was confident that I could see them coming... well, I think I'd have more than the few shares of AOL that I currently do! ;-)