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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: accountclosed who wrote (29631)	4/1/1999 10:56:00 AM
From: John Pitera	Read Replies (6) \| Respond to of 86076

Bill Meehan's appearance was A+ for citing the Bear case : "there is more a gambling casino environment on wall street that is focusing on a few big cap stocks....that do have decent earnings but are priced extraordinarily high and then we have the internet stocks ..most have no earnings and probably never will. P/e's are meaningless because there is no E." Liz says that this has occurring for a while what is different now? "The thing that alarms me, you have interest rates backing up and the a/d line is making new lows. and it concerns me that so many people are saying that the a/d line means nothing The average stock on the NYSE is down 33% and the Nasd is down 41% I guess you can bid Aol and msft and a small number of companies up to trillion dollar caps or 2 trillion , But I think it's not going to take long to unwind. If we go down 50% and you take the gains that the average investor has the last few years they will still be doing well. I think Regression to the mean is going to be very painful." "The Fed has been printing money at doulbe the rate required by the real economy. We have seen econoomic output triple on a worldwide basis. we have a 7 fold increase in equity prices and we have seen debt levels explode 20 fold. A few words about the commerce department's release yesterday of the 2nd Q of declining corp. profits. He had a few comment after that, And I think that Liz Clayman was rubbing her foot up against him under the desk -g-