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To: N who wrote (1497)	5/15/1999 1:31:00 PM
From: Frodo Baxter	Respond to of 3536

Regarding Uncle Al's speech: "This view is reinforced by securities analysts who presumably are knowledgeable about the companies they follow. This veritable army of technicians has been projecting increasingly higher five-year earnings growth, on average, since early 1995, according to I/B/E/S, a Wall Street research firm that compiles these estimates for the S&P 500. In January 1995, the analysts projected five-year earnings to rise on average by about 11 percent annually. After successive upward revisions, the March 1999 estimate was set at about 13.5 percent (profit weighted), a peak for this expansion. While there are ample data to conclude that these estimates are biased upward, there is scant evidence to suggest the bias has changed." Obviously he's never read a research report by the likes of Mary Meeker or Keith Benjamin or Henry Blodgett...