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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (57905)	4/28/1999 5:39:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

To All, How does AOL survive? I love this story. Free PC, and not a half bad one and Internet Access for $5 a month less than AOL charges for Internet Access alone. news.com

To: Knighty Tin who wrote (57905)	5/1/1999 2:37:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

To All, Barron's review. Once again, the Mailbag section was by far the best part of the rag, and I can't even say I consider my note the best one. My note was about what a lousy quarter IBM had in PC sales. I hope nobody considers that IBM bashing. I do bash IBM, but this was PC industry bashing. <g> John Hussman's letter about the S&P 500 as a growth stock index was excellent. This guy is good. I may even buy his newsletter some time if it ever gets free. <g> And Kim Evans pens a very nice letter about the silliness of "no inflation and productivity gains" as envisioned by the new quadruple nicklers (pair of dimes, but I didn't have the correct change <g>). Very Richebacherian, which is always a good thing. 2. Abelson whups up on Amazon.Com, which I consider kicking them when they're are down. I believe in that, as I always play the heel. <g> And he offers Senate testimony about Goldman Sachs Trading Corp in 1932. Very funny, as the stock fell from either $52 or $104 (unclear from the quote) to $1 3/4. 3. Equity hedge funds beat the S&P 500 in the first quarter. This doesn't surprise me. What does surprise me is how little they beat it by. These guys have all the tools and really should be doing better. 4. Gene Epstein presents a rather confused argument about supply and demand for stocks. His main point is that individuals are not reall net sellers as you count all the insiders who sell on IPOs are sellers. But, Gene, they are sellers of stock. And if they put their proceeds into other stocks, the deal would be a wash, net, net. And if they don't, then they ARE net sellers. This is tough for him. <g> 5. The Big Money Poll. Almost nobody is bearish long term though 72% think we are in a stock market bubble. Anyone else shaking their heads? <g> They also think corporate earnings are the main driver of the stock market. Let's see. Earnings have grown at 5.1% forever and the stock market has grown much faster than that rate. That ain't it. Interest rates? They're up for the last 8 months folks while the stock market has hit new records. Nobody mentions excessive debt and recessive gray matter as the prime contributors. <g> 6. Interview with a Value PM who buys some odd stocks for value. I disagree with some, agree with others, and since he's from Oakland, I give him the benefit of the doubt. He may be smarter than he looks in his picture. <g> 7. Market Watch has 3 great blurbs this week. Alas, you have to wade through Abby Jo's usual nonsense and some a no-name newsletter bull before you hit the first good one. Center Street Cambridge talks about "investment cowards" who hold cash while idiots have the liquid courage to buy stocks. Chief coward, Warren Buffett with $14 billion. Hey, if Warren needs some place to store that horde, not all of my pockets are full. <g> Old favorite, Will Lyons, makes some nice bearish comments about Dell. And a TA guy says a top has been formed. 8. In The Ground Floor, a mortgage PM says mortgages are undervalued. Oh, yeah, buy brain dead mortgages and even you can underperform the fixed income market at higher risk. <g> 9. Malaysia Fund was listed for net insider buys.