Investview

Index

Investment Views (July 31st 2000)

Markets in General

We had expected a correction, but we were not sure whether the correction
will be a serious one. Well, the correction on the Nasdaq was certainly
a serious one. The 4000 level support did not hold. The market became
oversold again. But because the Fed will meet again mid-August and
because the economic data on GDP for the second quarter was
stronger than expected, we expect the market to remain jittery until
maybe the week before the Fed meeting. The Dow remained stronger
than the Nasdaq. So the support level 10200 is still important. On the
Nasdaq we're quite close to the support level 3600. If that support level
doesn't hold, we might even see 3200 again.

The European markets have generally followed the US markets' ups and downs
last week. But the upward climb is much more strenguous here than in the
US. The volume is still extremely low. Europe remains in summer doldrums.
The tech stocks in Europe are still in correction. We do not see the stocks
breaking out of their sidewards movements anytime soon.

The SMI broke above the 8000 level last week but closed the week below
that level. The volume is still extremely thin. We still feel that the SMI is
overbought and getting tired. We should see some pullback next week, if
Wall Street continues to be so weak. The next support level is 7800.

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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	7900.40	8026.20	7994.60	7997.80
E 95.50	24.80	53.5 (2000)	+63.55%	AT&S	88.60	91.50	86.50	87.50
SFr. 4000	2475	1351(1998)	+172.02%	Bachem	3750	3675	3615	3675
Gbp17.56	3.13	6.50	-6%	BaltimoreTech	6.50	6.31	5.92	6.11
E 420	207	260 (2000)	+4.61%	Biodata	273	277	270	272
Gbp 15.77	8.28	4.9(1998)	+138.77%	C&W	13.25	12.10	11.63	11.70
E 368.90	210.10	140(1998)	+44.28%	Cap Gemini	210	206	198.10	202
SFr.44.25	21.5	10(1998)	+217.50%	Ericsson	35.70	32.25	31	31.75
E.205	E.32	28 (1999)	+223.93%	Evotec	90	91	90.30	90.70
E 97	70.25	37.8(1998)	+144.31%	LVMH	91	94.80	91.9	92.35
Sfr.275	133	60(1999)	+198.75%	New Ventur	174	183	175	179.25
E.64.90	37.50	7.50(1997)	+526%	Nokia	57.81	48.20	45.90	46.95
SFR.19400	17600	SFr.16900** (2000)	-6.6%	Roche GS	15750	15880	15675	15770
SFr.456.33	218	46.66(1997)	+515.08%	SAP	300	296.50	283.50	287
E 97	39.70	17.7(1999)	+142.37%	Sonera	50.40	44.89	42.80	42.90
SFr.850	660	460(1998)	+91.08%	Syn-Stratec	850	879	845	879
SFr1050	661	703(2000)	+27.88%	Think Tools	931	910	885	899
E 73.30	16	14.9(1999)	+289.26%	Zeltia	59.5	58	56.40	58

*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.

Nokia announced wonderful numbers for the second quarter: sales increased more than 50%
and profits more than 60%, but the stock lost more than 20% in one day, because the company
warned that the third quarter numbers will not be as good as the second, because
of a delay in new product introduction. We think that this is a buying opportunity.
Nokia remains the best handset company with the highest margin in the industry.

This week we decided to take Epcos off of our recommended list, because its stock fell
below the important support level :100 Euros. Our guideline is cut loss, if a stock lost more than
15-20% of its value. Epcos lost more than 20% since our recommendation.

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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!