The principal conclusion is that we expect profit growth to continue through our new forecast horizon.

Our valuation work for the S&P 500 has long assumed moderation of profit growth to about 8 percent from 20 percent and a rise in core inflation.

The principal conclusion is that we expect profit growth to continue through our new forecast horizon,

We expect 1999 and 2000 to be years of ongoing profit expansion, with better aggregate gains than 1998, which was disappointing.

Investors believe it is simply not acceptable to be environmentally irresponsible.

Such a 'flu shot' is now widely expected and would be unlikely to unsettle investors beyond a transitory period.