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To: stockman_scott who wrote (114496)	4/6/1999 1:20:00 PM
From: Chuzzlewit	Respond to of 176387

Stockman, don't be so hard on the analysts. I am an analyst -- I just don't do securities analysis. These people (contrary to popular opinion, analysts really are people) have a rough situation. I think that the investing community is becoming increasingly concerned with market valuations. I am convinced, for example, that the internet craze is a disaster waiting to happen. We have seen two market darlings, KO and G, begin to falter. Why do I bring this up? I bring it up because the looming fear of market dislocations pushes investors to become more and more short-sighted. And as investors shift their sights to the short term, so too do the analysts. Portfolio managers are evaluated on the short term (quarter by quarter performance). How is an analyst to respond? An analyst responds by focusing on shorter term issues like next quarter's or next year's revenues, and tends to ignore the larger issues. To paraphrase an analyst friend of mine, "It's terrible if you miss a big mover, even if the fundamentals are crap. It's a 'what have you done for me lately' mentality out there". Maybe if we (the entire investment community) were not so obsessed with daily price movements analysts might be free to think in the long term. I know several who are capable of thinking beyond tomorrow. TTFN, CTC