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August 18, 1997

". . . until the next major bear market does unfold, it is pure conjecture whether or not the 'new era' valuation theory will survive. Until then, our belief is best expressed by using a medical analogy: The stock market resembles a 95-year-old man who keeps passing his periodic physical exams with flying colors. While this indicates the patient will not expire soon, it might prove premature to totally ignore actuarial experience and conclude that the man is a medical miracle who will live indefinitely."
Donald D. Hahn and Mark F. Toledo, Mesirow Financial's Stock Market Comments.
Source: Market Watch $$ in Barron's (8/18/97)
"Results over short periods of time, even those as long as two or three years, can be meaningless. Luck counts much more than skill in the short run."
Peter Bernstein, in Measuring Sticks from Worth (9/79)
The internet serves as a "great equalizer" among retailers, with lower startup costs and dramatic scalability diminishing the competitive edge of large operators. Speed and wits are at least as valuable as capital and brawn in this new retailing frontier.
The primary applications of Internet and web technologies by most businesses fall under three broad catogories, usually in the following order: (1) save costs, (2) improve operating efficiencies in existing ways of doing business, and (3) address new markets and revenue oportunities emerging specifically due to the new Internet medium.
"Cyber Commerce: Internet Tsunami" Goldman, Sachs & Co. U.S. Research (8/4/97)

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