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To: Elwood P. Dowd who wrote (49047)	2/20/1999 6:21:00 PM
From: Yargnad	Read Replies (1) \| Respond to of 97611

SHORT INTEREST(BARRON'S): Largest Short Positions Rank....... Feb. l5.......Jan. l5........Change l2.......22,860,930 .. 26,345,727 .. -4,486,573 dan

To: Elwood P. Dowd who wrote (49047)	2/20/1999 7:23:00 PM
From: rupert1	Respond to of 97611

El: I had already read that piece. Interesting that Niles is so admiring of DELL and yet still cautious in the $80's. It contributes to the feeling that this whole market correction has to see DELL in the $60's before it's over. But that could happen in a couple or three days, once DELL starts falling again. It is all about valuation. DELL is a brilliant company if it can grow at 40% (more like 35%, methinks) but it is not worth a p/e of more than 40. The market usually exaggerates and so we may see a p/e of less than 40 for a time. I do think the institutions will seek to lighten themselves of DELL in an orderly fashion: the share price may get a temporary boost when the split occurs, but the market will eventually adjust the p/e.