Investview

Index

Investment Views (September 4th 2000)

Markets in General

The friendly trend continues on Wall Street. The Dow is getting a bit
tired after storming pass the 11000 level. The Nasdaq is playing
catch-up. But we're still of the opinion that the Nasdaq will be
hard pressed to surpass the 5000 level it made earlier this year.
But we are still convinced that the Dow will re-test its old high
at around 11600-11800 level. The economy is slowing a bit. So
the Fed is on hold. Since this is an election year, the market
participants are convinced that the Fed will be on hold until the
elections are over. The US economy is in an enviable condition.
The dollar is strong, the oil prices are high. Both are factors that
will cool down the economy a bit while giving the US some competitive
advantage, becauce the European and Asian economies are probably more
sensitive to the oil price rises.

The European markets are following the US. The Dax and CAC
are finally recovering with strength. Even the Neue Markt recovered
strongly. The Neue Markt is still wobbly after losing more than three
quarters of its values. Opportunies abound there. It's strange how
hot it was and now nobody seems to want to touch any of the high
tech startups.

The SMI is finally correcting. We have no idea how far this correction
will go. The Swiss Market had been the only European market that
did not go through the summer correction. Judging from the depth of
the German and French correction, we should see the market fall below
8000 again. Our target is 7800. Other analysts even call for 7400.
The Swiss are momentum investors. So the upwards and downwards
movements tend to be extreme. Also we're approaching the traditional
weak months: September, October, November. So only time will tell
how low this correction will bring the market.

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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	8311.70	8277.10	8224.70	8234.90
E 48.30	12.40	26.75 (2000)	+61.12%	AT&S	45.50	44.30	43	43.10
SFr. 4000	2475	1351(1998)	+158.33%	Bachem	3580	3520	3455	3490
Gbp17.56	3.13	6.50(2000)	+38.61%	BaltimoreTech	7.05	9.80	8.50	9.01
E 420	207	260 (2000)	+28%	Biodata	309	335	329	333
Gbp 15.77	8.28	4.9(1998)	+159.59%	C&W	11.53	13.44	12.55	12.72
E 368.90	210.10	140(1998)	+71.50%	Cap Gemini	215.50	247	230.70	240.10
SFr.44.25	21.5	10(1998)	+258%	Ericsson	34.75	36.10	35.65	35.80
E.102.50	E.16	14 (1999)	+220%	Evotec	42.20	46	44	44.80
E 97	70.25	37.8(1998)	+138.62%	LVMH	91.45	90.40	87.40	90.20
Sfr.275	133	60(1999)	+186.66%	New Ventur	164.50	174.50	171	172
E.64.90	37.50	7.50(1997)	+597.60%	Nokia	46.30	53.60	49.75	52.32
SFR.19400	17600	SFr.16900** (2000)	-8%	Roche GS	15860	15740	15520	15545
SFr.456.33	218	46.66(1997)	+661.89%	SAP	336.50	365	347.50	355.50
E 97	33.10	17.7(1999)	+125.14%	Sonera	35.89	40.75	38.25	39.85
SFr.850	660	460(1998)	+143.48%	Syn-Stratec	1143	1144	1111	1120
SFr1050	661	703(2000)	+34.99%	Think Tools	850	955	930	949
E 73.30	16	14.9(1999)	+340.9%	Zeltia	66	65.70	64.50	65.70

*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.

Sonera plunged after winning a 3G licence in Germany. The cost will be astronomic.
Analysts and investors are questioning Sonera's financail soundness. We have our
doubts too. But we are convinced that the wireless telephony will see a drastic
concentration process so that only a few big players will be left. Sonera is a
typical takeover candidate. Therefore we would still hold on to Sonera.

Baltimore has been a happy choice. It is up more than 38% two weeks after
we recommended it! We recommend taking profit on half a position and hold
on to the rest. Baltimore is a security software maker. We're very optimistic
on its future. But we also like to take profit, if the profits come so quickly.

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Currencies and Bonds

The Euro fell below .90 level last week. After the European Central Bank
raised the interest rates by .25, the Euro recovered to close the week
above .90. We're not as pessimistic as some analysts are, because basically
the Euro held above the .87 level. However, because the Euro economy is
also slowing, we do not expect the big Euro surge that the Euro bulls expect.
We expect the dollar to remain strongly stable.

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. The
next level to watch is SFr. 1.76.
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 are 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!