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To: Frank Ellis Morris who wrote (23665)	5/18/1999 8:04:00 AM
From: musea	Respond to of 27012

Frank and Sonny, The Fed is the big story of the afternoon. I think you are right, Frank, in your projection of what the FOMC will do. At least, I hope so. At some point though, we have to expect that rates will change unless the economy stops growing. Dell is the big story of the evening, at least for tech investors. I am looking forward to reading the messages on the Dell thread as the permabears trot out their doom and gloom and the permabulls react with indignation. All will become clear this evening. Of course, the Fed can puncture the balloon before we even get it filled. I was surprised to see the GBLX-USWest deal. That completely changes the competitive landscape in that area. The bad part for me, being a GBLX shareholder, is the minimal premium in the deal. That will put a ceiling on the share price of GBLX. I am thinking about selling out and moving my money elsewhere, like T. The other good news was the industry support of the 550MHz chips from our old standby, Intel. AMD is in such a state now that a good push from any direction would knock them over. -musea

To: Frank Ellis Morris who wrote (23665)	5/18/1999 9:10:00 PM
From: Sonki	Read Replies (1) \| Respond to of 27012

Hi frank, do u still have amat? it came 9 cents above. amat thread is saying it's going to 75-100 soon. let dell rest a little. i think 80 pe maybe hard to swollow for some people. i love dell and i will patiently wait for the erning to catach up and lower the pe ratio. ok got to run to meet ann bye.

To: Frank Ellis Morris who wrote (23665)	5/19/1999 9:22:00 PM
From: Brian Malloy	Read Replies (1) \| Respond to of 27012

Hello all: Jack Rothstein, one of the personal money managers that I follow will be on CNBC tomorrow. Like many on this thread he takes a longer term approach and many of his Rothstein 25 look like some of the favorites on this thread. This is a guy from the buy side of the street. The more money his clients make, the more money he makes. It's about total returns not trades and he probably beats 95%+ of active money managers. This is his first time on CNBC. He just added EBAY, yesterday, as one of his picks for the long term. If you have the time tune in. Jack's on CNNfn tomorrow at 2:10 EST Here is his last market commentary. He has a punchy prose style ;-) Jack's Thoughts, May 19, 1999 Darth Vader and the Fed: May the Profits Be with You! As any Jedi knows, nothing is as simple as it seems in this world--well, in any world that you inhabit. Take Darth Vader. He was not always a seven footer and into masks, raspy rants, intergalactic villainy, and heavy breathing; no, he was once a kindhearted slave boy named Anakin Skywalker who could play hero on occasion. Oh, the complexities of the cosmos; even Darth has not been fully evil at all times. So it is with interest-rates hikes if you think of them as Darth & friends. Like Darth, they can have a little good--past or present--tucked away in the old cranium. Remember this in the wake of the decision by Alan Greenspan and colleagues yesterday to be open to the possibility of higher rates. Here on earth, life won't end just because the Federal Reserve wants to laser away the slightest smidgen of inflation. As with Darth's life when reviewed in full, at least some positives show up. First, the announced bias in favor of a hike telegraphs a strong belief that the Asian Flu has been held off, good news for U.S., multinationals. Second, even though rate creep probably would not be catnip for growth stocks in the short run, the end results just may be worth the sacrifices along the way. The AOLs, the Ciscos, the eBays, the high P/E companies, could suffer mightily if inflation returns. Stocks would be less competitive against bonds, and borrowing costs would be higher. So, while I'm not thrilled to see the inflation hawks showing more influence within the Federal Open Market Committee, I can find at least some plusses. If nothing else, remember that the Fed did not actually raise rates; it merely announced a propensity to do so if the cost of living went up too quickly. And, in the most recent past, a bias in favor of higher rates hasn't necessarily led to action. In fact, normally it hasn't, especially in the past several years. Bottom line? Ultimately the short-term, bank-to-bank rates controlled by Fed won't matter as much by themselves as you might think. Into the equation, for example, you must also plug the ups and downs of the 30-year bond as determined by the market itself. Bonds will likely remain in a tight trading range, and the equity market can easily digest a six percent long bond. In the end it's the companies--and the extent of the sustainability of their stories--that matter to long-term investors. I myself remain keen on classic Rothstein 25 stocks such as Dell, AOL and Cisco. Dell did met earnings expectations--even if some on the Street wanted still better results. AOL might enjoy a pop from a broadband-related announcements at meeting today with analysts. Cisco Systems appears strong, and even if the increase is temporary, the story remains powerful over the long run. Cisco has a history of breaking down late winter or early spring, but this year it's actually accelerating. That reality is reflected both top and bottom line. The shares are a delight to owners who have the gumption to hold on. Everyone owns Cisco. It is not yet full. There are just a few examples of growth companies to watch. So don't let anyone use the interest-rate excuse to talk you out of good investments. As in the case of Darth Vader, you can't oversimplify; this market befuddles even pros. Can you honestly say that you have a handle on it? One day the cyclicals have a rally and appear destined to climb greater heights, but the next day they fall flat. NASDAQ soars while the Dow succumbs to profit-taking. And then the opposite happens! What is possible is the ability to control the look of your portfolio; focus on the blend and quality of names that you carry. Stay concentrated. Own more shares and fewer names. And, with so many stocks priced so richly, try to carry a cash position. Today we are 70 percent invested; that is a bullish stand, but we were fully invested through the middle of March. We lightened up a tad, selling underachievers and taking some profits. A cash position enables you to benefit from the dips; view them as opportunity. Never let the shifting winds shake you from the equity tree. Weaker hands shake loose and lose. Stronger hands hold on and win. They know that prices are ultimately destined to rise to higher levels. Leaders--names that can maintain a dominant position in their market environments--will continue to deliver better-than-average performance. All you need to do to beat the market is pay attention to the trend. Be in front of the trend and ride a wave. Be flexible and objective. Do not be attached to results. Focus on the names you own and be willing to dispose of under achievers. Sell losers and keep winners and stay cool and calm. We live in the best of times. The ability to capture a fortune over time stares right at you; may the profits be with you!

To: Frank Ellis Morris who wrote (23665)	5/20/1999 11:18:00 AM
From: Sonny McWilliams	Respond to of 27012

Hello Frank. The streets reaction to Dell's earnings was a bit a surprise to me. I do have to admit though that I was hoping for better results than just meeting estimates. I listened to M. Dell and he certainly sounded more upbeat than that. But all in all, how can you complain about earnings and growth like that? I don't think that too many cos. are doing better than that. Alan Greenspan and Rubin are in the hot seat right now. So far, so good. Let's hope that A.G. stays in line. I think he said enough for right now. Mr. Rubin helped the market out yesterday by saying that he thinks that inflation will stay low. I didn't quite like this trade deficit today. Over 19 billion. I guess it's alright while our economy is booming but the dollar can't keep it's strength forever if we slow down. But let's live for today. And today the market looks up. AOL got an upgrade from Mary Meeker again today. She said that the broadband fear for AOL was overdone. They will address it in due time. BTW, AT&T will need some time and the baby bells will have their DSL in full force by the time T is up to snuff with cable. Plenty time for AOL. Bell Atlantic is just about there with DSL. Sonny