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To: Ron McKinnon who wrote (19769)	4/6/1999 8:35:00 AM
From: Larry S.	Respond to of 53068

Internet crazies and internet sanes: - hey dino, don't despair. i too look at the internet crazies, and while there are astronomical gains available, there are also astronomical risks. not my cup of tea. i prefer the "real" internuts: yhoo, aol, athm, nscp, and the strong potentials like inkt, cgmi, etc. these are the companies that have settled the outposts at the forks in the river - they have location and eyeballs, business plan and momentum. in terms of classical training, i pretty much have thrown that out the window, at least in terms of p/e, debt to equity, earnings growth. but buying good companies in good business: wmt, ge, aol, csco, etc will never go out of style - and i have made a very nice return by buying good stocks and holding them. i looked at trac yesterday, saw it moving, saw no reason for it other than internet momo, and passed, not my cup of tea. but as you have said many times, if it works for you, then its a good system. you had almost 100% return in your trading account for the first quarter, along with a lot of energy and work - that is impressive. my suggestion would be centered in the hold portion of your portfolio - don't be so quick to grab the 1-3 points, let good stocks run. oh, and by the way, did you hear about XXYY.com, they have a plan to develope internet affinity groups based on number of hits to a site, - no revenue, no earnings, but have $55 in cash (total) stock came out at $15 and ran to 45.... larry

To: Ron McKinnon who wrote (19769)	4/6/1999 8:59:00 AM
From: JSB	Read Replies (1) \| Respond to of 53068

Ron, I feel exactly the same way, and would assume that there are legions of others. The market has trained us to look at income, growth, and valuations, then summarily threw those measures out the window. The question is whether the market ever comes back to what we know, or whether we are forced to adapt. I don't have a clue what the final outcome will be, but it does concern me greatly. Yesterday as I watched the market frenzy, 3 of my long positions, each with a PE under 10 and growth in excess of 25% got hit. Each traded up initially, each closed at the low of the day, each giving the impression that money was coming out of them in favor of some stock with no earnings. IT SUCKS Regards, Jeff PS: I have tried and will continue to try to change, it does drive me nuts.