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To: Glenn D. Rudolph who wrote (57201)	5/18/1999 10:51:00 AM
From: H James Morris	Respond to of 164684

Glenn, selling my Aol last week @126 and watching it pop up 10 points yesterday was bad timing on my part. Don't you think?? I can't complain, did you see my Brcm? It's now @ a century, not bad,not bad. Here's why I I'm moving my porfolio around. >>A handful performed fantastically well (Merck, Schering Plough, Coca-Cola,Disney and Eli Lilly). But most of them didn't. A $1,000 investment in each of the top 25 would have yielded 36 percent less than an investment in an S&P fund. Siegel continues to believe that big growth stocks are worth high P/E ratios,as long as they're not too high and provided that you'll hold them for a long, long time. That's the rub, Leuthold says. If your growth stocks plunge 57 percent, as the Religion Stocks did in 1973-74, would you steadfastly hold on? Or would yo weep and sell? Long-term investors shouldn't even consider the hottest New Era stocks. At this writing, America Online sells for 444 times earnings. Siegal says stocks in that range eventally will have to produce huge and fast-growing earnings or else their prices will collapse.>>