Investview

Index

Investment Views (July 17th 2000)

Markets in General

The markets have finally started to rally this week. The Nasdaq has resumed
its climb out of the lows of April. We closed the week above 4200 up more
than 5% in one week. It's good that we had warned our investors a few weeks
ago that it's a dangerous time to be short the market and that everyone should
cover their shorts. We think that this rally has more to go. The target is
4400 on the Nasdaq. Dow will have problems getting over 11000. But
we're getting more confident that the Dow should retest its old highs above
11500.

The European markets have generally followed the US markets up this
week. But the upward climb is much more strenguous here than in the
US. Friday the Dax celebrated the news that the Bundesrat has finally
passed the tax reform legislation that will enable banks and insurances
to sell off their stakes in other companies without having to pay punishing
high capital gains tax. The German economy is expected to profit from the
tax cuts planned for corporations too. Thus we see the market rising for
a few weeks more.

The Swiss market made new yearly high last week. However the upward
momentum is not very strong. The news that UBS is taking over Paine
Webber had clobbered the UBS stock price. So the rally ended rather
abruptly. But the market is not exhibiting a lot of weakness. So far the
7900 level has held.

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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
7989.80	6968			SMI	7761.50	7925.30	7871.50	7903.70
E 90	50	53.5 (2000)	+48.41%	AT&S	80	80	79	79.40
SFr. 4000	2475	1351(1998)	+180.90%	Bachem	3460	3840	3730	3795
		260 (2000)	+5.38%	Biodata	340	300	250	274
Gbp 15.77	8.28	4.9(1998)	+151.02%	C&W	11.09	12.35	11.76	12.30
E 368.90	210.10	140(1998)	+35.21%	Cap Gemini	184.50	191	183	189.30
SFr.44.25	21.5	10(1998)	+252.5%	Ericsson	32.70	35.70	34.30	35.25
E190	66.40	129 (2000)	-18.2%	Epcos	104.29	111	105..70	108.50
E.199	E.32	28 (1999)	+220.71%	Evotec	94	91.50	88.88	89.80
E 97	70.25	37.8(1998)	+133.33%	LVMH	86.38	89.80	85.05	88.20
Sfr.275	133	60(1999)	+200%	New Ventur	182	185	178.25	180
E.64.90	37.50	7.50(1997)	+642.66%	Nokia	53.45	57.50	55.11	55.70
SFR.19400	17600	SFr.16900** (2000)	-.06%	Roche GS	15880	17060	16755	16890
SFr.456.33		46.66(1997)	+442.99%	SAP	244	249.50	237	244.50
E 96	54	17.7(1999)	+180.22%	Sonera	47.75	49.50	46.80	49.60
SFr.850	660	460(1998)	+80.65%	Syn-Stratec	744	850	820	831
SFr1050	661	703(2000)	+39.4%	Think Tools	945	986	980	980
E 73.30	16	14.9(1999)	+322.82%	Zeltia	63	63.50	62	63

*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. No updates on stock prices this
week, because we're off on vacation tomorrow.

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Currencies and Bonds

The dollar recovered along with the US stock markets. It has remained quite
strong last week. We expect the dollar to challenge the Euro again next week.
Again we expect the Euro support level around .90 to hold.

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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!