Investview

Index

Investment Views (August 14th 2000)

Markets in General

We were wrong last week. We thought that the Dow would correct a bit.
But the Dow broke out to the upside. Now we expect the Dow to reach its
old high above the 11000 level. If the Dow should make higher high, then
the market will turn clearly bullish again. The Nasdaq is still caught in a trading
range. Most participants do not expect a move above the 4000 level until
after Labor day.

The European market remains fragile. The German Dax has shown some
signs of recovery, but the index is still far from its highs. The CAC has
also been correcting. We do not expect a recovery until the summer vacation
is over.

The SMI corrected slightly after testing new highs at above 8300. But there was
no great selling pressure. We expect the market to move between 8400 and
8150.

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Stocks***

Our favorite stocks remains SAP, Nokia, Ericcson, Cable and Wireless.

High of the Year	Low of the Year	Price and year of recommend.	Performance since recommend.	Stock	Last Week's Close	Daily high	Daily low	This Week's Close
8080	6968			SMI	8119.60	8188.20	8116.6	8119.60
E 48.30	12.40	26.75 (2000)	+49.53%	AT&S	40	41	38	38.30
SFr. 4000	2475	1351(1998)	+179.79%	Bachem	3675	3840	3660	3780
Gbp17.56	3.13	6.50	-2.31%	BaltimoreTech	6.11	7	6.35	6.35
E 420	207	260 (2000)	+9.62%	Biodata	285	326	305	322
Gbp 15.77	8.28	4.9(1998)	+133.67%	C&W	11.70	11.97	11.19	11.45
E 368.90	210.10	140(1998)	+35.36%	Cap Gemini	202	194.80	187.60	189.50
SFr.44.25	21.5	10(1998)	+200%	Ericsson	31.75	31.50	30	30
E.205	E.32	28 (1999)	+167.86%	Evotec	75	85	82.20	85
E 97	70.25	37.8(1998)	+145.90%	LVMH	92.35	95	92	92.95
Sfr.275	133	60(1999)	+191.67%	New Ventur	179.25	177	171.50	175
E.64.90	37.50	7.50(1997)	+502.67%	Nokia	46.95	45.60	44.10	45.20
SFR.19400	17600	SFr.16900** (2000)	-3.25%	Roche GS	15770	16715	16350	16350
SFr.456.33	218	46.66(1997)	+544.02%	SAP	287	305	298.50	300.50
E 97	39.70	17.7(1999)	+128.25%	Sonera	42.90	41.19	37.80	40.4
SFr.850	660	460(1998)	+101.09%	Syn-Stratec	879	927	900	925
SFr1050	661	703(2000)	+10.53%	Think Tools	899	797	765	777
E 73.30	16	14.9(1999)	+319.46%	Zeltia	58	62.50	61	62.50

*We decided to calculate the performance since recommendation, because we have recommended the different stocks
to buy at different times. Since we're convinced that one should be long term investors, we think the performance
since recommendation is a better reflection of our goals. **adjusted for Givaudan spinoff. Sorry, due to technical difficulties no
update on stock prices.

AT&S has succombed to weakness after splitting 2:1. The telecom stocks have recovered a bit last week,
but the telecom hardware manufactures are still correcting. This group will probably recovered after the 3rd quarter numbers come in.

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Currencies and Bonds

Last week the dollar did not manage to break through the .90 level to the Euro.
We expect the Euro to recover a bit. .90 is still the level to watch.

Swiss Franc has weakened against the dollar to 1.72. If the dollar can climb above
the 1.74 level, we feel that the Swiss Franc might even fall to the 1.80 level.
However, as long as the Euro hovers above the .90 level, we do not expect
a plunge in Swiss Francs.

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Future Trends

Investors seem to be cooling towards the idea of the 3rd generation wireless
telephones. But it is a technology that is coming to the market within the
next couple of years. So why is the stocks of Qualcomm down so much
and that of Ericsson and Nokia are going nowhere? The problem seems to
be the high 3rd generation licence fees that countries in Europe are demanding
from the telecom companies. People seem to think that the sky-high
cost could delay the implementation and that telecom companies
might be tempted to only build the 3rd generation systems in areas
where the telephone charges will be able to cover costs. Therefore
the capacities build might be much smaller than anticipated. On the
other hand people should take into consideration that the telecom
companies might be very anxious to get their systems going as soon as
possible, because the licence fees are so high. They will need the
income stream generated by the new systems as soon as possible.
Plus companies like Qualcomm and Ericcson will only stand to
profit from the building and converting the present telephony system
to the new standards. The question will be how much and how soon and not
if at all. We recommend buying these stocks on weakness.

*The stock prices are provided for informational purposes only and not intended for trading purposes. The opinions expressed in these pages are what they are: opinions!