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To: Uncle Frank who wrote (26726)	4/11/1999 11:08:00 AM
From: Valueman	Read Replies (2) \| Respond to of 152472

Boy Frank, I don't think I would laugh at the prospects of a substantial correction. I bet there were people in 1972 with the same attitude. After a 45% correction, they probably didn't laugh much. I am in no way a doom and gloomer, but investors and speculators NEVER get the last laugh.

To: Uncle Frank who wrote (26726)	4/11/1999 9:55:00 PM
From: Art Bechhoefer	Respond to of 152472

Uncle Frank, the analyst who made this dire, but serious prediction was the guy who runs a fund called the Prudent Bear, or something like that. He appeared as the guest market monitor on last Friday's Nightly Business Report on public television. His theory was that the price-earnings ratio of the S&P500 was well above historic averages, and that the problem was compounded by recent earnings reports with less than expected growth. He did not have a very good explanation for whether or not the huge inflow of money into retirement funds makes it necessary to revise these historic averages upward. Art