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To: accountclosed who wrote (19511)	2/13/1999 9:23:00 AM
From: Earlie	Read Replies (1) \| Respond to of 86076

A.R.: IBM is one of my all time favourites in terms of describing this mania. Stock more than triples even as all numbers deteriorate (10 quarters,....revs, margins, and op earnings are effectively flat to slightly down, cash evaporates, debt soars, and shareholder equity disappears). Meantime, Louis and his execs sell every piece of paper that is not glued down (options exercised out to 2003,...the boys sure are confident of the company's future !), courtesy of an out-of-control stock buyback program. Can't wait until the service contract skimming begins to show through the widening cracks. This one is a gift to the shorts now. At $120, I'll still be adding to positions,...short that is. (g) Best, Earlie