What People Are Saying About Meyer & Associates, Professional Money Management, Portfolio Analyst, Economic Cycle Assessment, Global Financial Market Planning, Securities Arbitration and Mediation

August 25, 1999
Meyer & Associates 100 Old Barn Trail Ormond Beach, FL 32174	Contact: Joseph Meyer toll free: 877-439-1575 email: meyer@meyerassoc.com
SHADOWS OF THE BEAR ARE REFLECTED IN THE MARKET. Investment expert says economic conditions are forming a rare combination that could be deadly. Ormond Beach, FL--Investment expert Joseph Meyer has been taking notes on the current economy and what he predicts could be alarming for many in the securities markets. "In the prior 90 days we have witnessed some of the most profound stock market volatility in market history. This potent combination of a declining money supply growth coupled with rising interest rates is an extremely rare and potentially deadly combination for the United States equity markets," Meyer said. Meyer says this phenomenon has only happened six times before. Each of these instances has led to a severe bear market. The calendar years were 1966-67, 1969-70, 1972-73, 1979-80, 1987, and 1990. "The evidence of the market during the last 6 months--its volatility in particular--confirms to me that this bull market will eventually succumb to a slow death," Meyer predicts. The Japanese Yen is now trading at a two year high approaching 110 yen to the dollar. Meyer believes any further strength in the yen will proceed a sell off in the US dollar and will severely impact liquidity for the US Stock Market. This would be a major problem for the equities markets. "The current rise in long term interest rates will punish future economic growth and expansion," Meyer said.. The declining of the interest rate yield curve for the first time since 1960 is caused by rising long term rates, not falling short term rates. This, too, is a major negative. The liquidity in the market is also very suspect with the Standard and Poor's 400 witnessing its debt as a percentage of revenue rise from a low of 60% in 1980 to currently 150%. "This is very alarming," Meyer says. "The consumer continues on a spending binge and debt is continuing to pile up. A sustained decline in equity prices will lead to a serious downward valuation of assets on all the world's financial markets. The logical conclusion that is reached in viewing this data is we are simply witnessing one of the greatest manias in the history of all financial markets." In August of 1929 the stock market peaked at Dow Jones level 381. It was one of the most extreme levels of over- valuation in market history. The Dow Jones Industrial Averages fell in value over a period of 149 weeks to a level of 41. The psychological back ground to today's market is analogous and the underlying fundamentals of both the economy and the stock market are strikingly similar. Is a disaster just around the corner? "The conclusion that I have reached in reviewing all the financial data is this current stock market is even more overvalued than the bull market of 1929," Meyer notes. He believes the consequences of this overvaluation will have a dramatic and chaotic ending that will effect the lives of the investing public for generations. "I advise you to be be prudent and to invest wisely and not to be tempted to out smart Wall Street at its own game. It's a game you cannot win," he said. Joseph Meyer has been a professional money manager and securities expert with over 27 years experience relating to Wall Street and the brokerage community. He is an arbitrator and mediator with the NASD and NYSE. He answers questions on financial and arbitration mediation issues every Tuesday at 8pm Eastern from his Internet conference room at:

July 23, 1999

In case you had any misgivings about online investing, expert Joseph Meyer is here to set the record straight.

Meyer, well-known host of Internet-based investment seminars, believes current changes will have an impact not seen since Wall Street's deregulation in 1975. This is a change the investment community should not take lightly, he says. "I believe that online trading will have the same impact that the
deregulation of Wall Street's commission structure had in 1975, and there will be a shake out in the industry that will follow," Meyer wrote in a recent issue of his newsletter.

Meyer believes the do-it-yourself model of investing centering on Internet trading of securities will lead to a serious set of consequences. "I'm afraid it is going to be financial ruin for the average investor trying to out smart Wall Street and the professional trader," Meyer said.

Arthur Levitt, chairman of the Securities and Exchange Commission, recently warned of Internet trading plagued by misleading television advertising, bad executions, and technology problems that have not been solved.

Meyer notes the Market is becoming more and more volatile in its movements up and down. In the past, earnings have been realized through a patient investment strategy that allowed company management to fully value their shares in the market place. "The only short term successful traders that I have ever known in my 27 year career on Wall Street have been the stock specialists themselves that have to trade their stock to maintain an orderly market in the underlying shares and liquidity as a market maker," Meyers said.

He likens online trading to casino gambling, only with much higher risks. "The risk of losing a hand to the poker machine is limited to a few dollars at a time. The risk of a bad trade in the Stock Market can be a few thousand dollars at a time and even tens of thousands of dollars," Meyers warns, while advising investors not to get caught up in day trading.

Computer networked trading is not a completely new issue to Wall Street experts. Charles Schwab Corp. was the first to move into "online" trading in 1985 with the development of a software called the Equalizer which investors used to trade stocks over networked computers. The first trade that was completed utilizing the Internet was accomplished in 1994 by K. Aufhauser and Company, now part of Ameritrade Holding Corporation.

Date: June 11, 1999

WILL THE SWITCH TO ONLINE TRADING SPELL
DISASTER FOR MILLIONS OF INVESTORS?

Joseph Meyer, well-known host of Internet-based investment seminars, believes current changes will have an impact not seen since Wall Street's deregulation in 1975.

Ormond Beach, FL--In case you had any misgivings about online investing, expert Joseph Meyer is here to set the record straight. This is a change the investment community should not take lightly. "I believe that online trading will have the same impact that the deregulation of Wall Street's commission structure had in 1975 and there will be a shake out in the industry that will follow," Meyer wrote in a recent
issue of his newsletter.

Meyer believes the do-it-yourself model of investing centering on Internet trading of securities will lead to a
serious set of consequences. "I'm afraid it is going to be financial ruin for the average investor trying to out smart Wall Street and the professional trader," Meyer said.

Arthur Levitt, chairman of the Securities and Exchange Commission, recently warned of Internet trading plagued by misleading television advertising, bad executions, and technology problems that have not been solved.

Meyer notes the Market is becoming more and more volatile in its movements up and down. In the past, earnings have been realized through a patient investment strategy that allowed company management to fully value their shares in the market place. "The only short term successful traders that I have ever known in my 27 year career on Wall Street have been the stock specialists themselves that have to trade their stock to maintain an orderly market in the underlying shares and liquidity as a market maker," Meyers said.

He likens online trading to casino gambling, only with much higher risks. "The risk of losing a hand to the poker
machine are limited to a few dollars at a time. The risk of a bad trade in the Stock Market can be a few thousand dollars at a time and even tens of thousands of dollars," Meyers warns while advising investors not to get caught up in day trading.

Computer networked trading is not a completely new issue to Wall Street experts. Charles Schwab Corp. was the first to move into "online" trading in 1985 with the development of a software called the Equalizer which investors used to trade stocks over networked computers. The first trade that was completed utilizing the Internet was accomplished in 1994 by K. Aufhauser and Company now part of Ameritrade Holding Corporation.

Joseph Meyer is an arbitrator and mediator for the NASD and NYSE. He answers questions on financial and arbitration mediation issues every Tuesday at 8pm Eastern from his Internet conference room at:


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