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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: John F. Dowd who wrote (23425)	5/30/1999 7:42:00 PM
From: blankmind	Read Replies (1) \| Respond to of 74651

- NY Times interview with Oppenheimer on cutting its MSFT holdings in half... shows what this Clintonista shake-down is doing to us... "His recent trimming of his position in Microsoft illustrates how the system works. Through the end of April, Microsoft was the fund's biggest holding, at more than 5 percent of the portfolio. Since then, he has cut it to 3.6 percent, roughly equal to Microsoft's weighting in the S&P 500. He made the change for various reasons: Microsoft is no longer scoring in the top 10 percent in his screens for likely outperformers. And his model indicates that a genuine market sea change may be in the works, finally giving value stocks an advantage over growth. "We have to try to align ourselves with the way of the universe," he said, using a phrase he often repeats. Among the signals, he said, are an improved picture for corporate profits; a steepening of the yield curve, which indicates stronger business conditions ahead, and the very high valuations on growth stocks like Microsoft, which has a price-to-earnings ratio of more than 50. Albers also thinks that the outcome of the government's antitrust case against Microsoft will be a negative for the stock. It is too early to tell whether the outperformance of value stocks over the last month and "