Buy, Sell or Hold? Look Beyond the Moment

Apr 12, 2001, 01:00 ET from U.S. Bancorp Piper Jaffray Inc.

    MINNEAPOLIS, April 12 /PRNewswire/ -- Buy, sell or hold?  "These are
 difficult times for investors," says U.S. Bancorp Piper Jaffray's Portfolio
 Strategist Terry Sandven in the April issue of The Informed Investor.  "Many
 have seen their portfolios significantly decline in value in recent months,
 particularly those with substantial technology exposure."
     Sandven notes that, "Taking action based on emotions or irrational
 thought, with little regard to overall portfolio objectives and time horizons,
 may also influence future portfolio performance.  With much of the bad
 economic and company news seemingly already reflected in current company share
 prices, there is reason for optimism as we look toward the end of 2001 and
 into 2002."  Sandven believes that for many companies, the proverbial bar has
 been lowered, financials have been scrubbed, and Street expectations are
 tempered.  This may present an attractive environment for companies to meet or
 exceed street estimates in the ensuing quarters.
     "We continue to believe that the best time for investing aggressively in
 stocks is when sentiment is negative, valuations are low, future earnings
 growth is accelerating and the Fed is easing," says Sandven.  "This is close
 to the environment that we are experiencing today."
     Sandven challenges investors to take a critical look at their current
 investment portfolios, assessing whether current holdings are consistent with
 portfolio objectives.  He also recommends that investors become familiar with
 the issues and events that are impacting the broad markets and their
 investment portfolios, such as earnings growth, interest rates and consumer
 sentiment.
     For cautious and optimistic investors alike, implementing an investment
 plan -- either through ownership of individual stocks and bonds, investment
 with private account managers, or mutual funds -- is the recommended way to
 gain peace of mind while staying active in an uncertain market, according to
 Sandven.  Strategies should be consistent with the investor's portfolio
 objectives and personal beliefs about the direction of the broad market in
 both the near and long term.
     The Informed Investor is available to the media by e-mailing Susan Curran,
 scurran@pjc.com or calling 612-303-6415.  Clients may receive the report from
 their U.S. Bancorp Piper Jaffray representative.  Non-clients may become
 clients by calling U.S. Bancorp Piper Jaffray, 612-303-6000, and asking for
 "the broker of the day."
     U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based
 U.S. Bancorp (NYSE:   USB), provides a full range of investment products and
 services to individuals, institutions and businesses.  Approximately
 1,200 financial professionals provide investment guidance to clients through
 more than 125 offices in 23 Midwest, Mountain, Southwest and Pacific states.
 The company also has a national reputation for its expertise in debt and
 equity financing for growth companies.  U.S. Bancorp offers a comprehensive
 range of financial solutions through U.S. Bank, First American Asset
 Management, U.S. Bancorp Investments and its Libra division and U.S. Bancorp
 Piper Jaffray. For more information, visit the Web site at
 http://www.piperjaffray.com
 
     U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of
 Securities Dealers, CRD number 665.
 
 

SOURCE U.S. Bancorp Piper Jaffray Inc.
    MINNEAPOLIS, April 12 /PRNewswire/ -- Buy, sell or hold?  "These are
 difficult times for investors," says U.S. Bancorp Piper Jaffray's Portfolio
 Strategist Terry Sandven in the April issue of The Informed Investor.  "Many
 have seen their portfolios significantly decline in value in recent months,
 particularly those with substantial technology exposure."
     Sandven notes that, "Taking action based on emotions or irrational
 thought, with little regard to overall portfolio objectives and time horizons,
 may also influence future portfolio performance.  With much of the bad
 economic and company news seemingly already reflected in current company share
 prices, there is reason for optimism as we look toward the end of 2001 and
 into 2002."  Sandven believes that for many companies, the proverbial bar has
 been lowered, financials have been scrubbed, and Street expectations are
 tempered.  This may present an attractive environment for companies to meet or
 exceed street estimates in the ensuing quarters.
     "We continue to believe that the best time for investing aggressively in
 stocks is when sentiment is negative, valuations are low, future earnings
 growth is accelerating and the Fed is easing," says Sandven.  "This is close
 to the environment that we are experiencing today."
     Sandven challenges investors to take a critical look at their current
 investment portfolios, assessing whether current holdings are consistent with
 portfolio objectives.  He also recommends that investors become familiar with
 the issues and events that are impacting the broad markets and their
 investment portfolios, such as earnings growth, interest rates and consumer
 sentiment.
     For cautious and optimistic investors alike, implementing an investment
 plan -- either through ownership of individual stocks and bonds, investment
 with private account managers, or mutual funds -- is the recommended way to
 gain peace of mind while staying active in an uncertain market, according to
 Sandven.  Strategies should be consistent with the investor's portfolio
 objectives and personal beliefs about the direction of the broad market in
 both the near and long term.
     The Informed Investor is available to the media by e-mailing Susan Curran,
 scurran@pjc.com or calling 612-303-6415.  Clients may receive the report from
 their U.S. Bancorp Piper Jaffray representative.  Non-clients may become
 clients by calling U.S. Bancorp Piper Jaffray, 612-303-6000, and asking for
 "the broker of the day."
     U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based
 U.S. Bancorp (NYSE:   USB), provides a full range of investment products and
 services to individuals, institutions and businesses.  Approximately
 1,200 financial professionals provide investment guidance to clients through
 more than 125 offices in 23 Midwest, Mountain, Southwest and Pacific states.
 The company also has a national reputation for its expertise in debt and
 equity financing for growth companies.  U.S. Bancorp offers a comprehensive
 range of financial solutions through U.S. Bank, First American Asset
 Management, U.S. Bancorp Investments and its Libra division and U.S. Bancorp
 Piper Jaffray. For more information, visit the Web site at
 http://www.piperjaffray.com
 
     U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of
 Securities Dealers, CRD number 665.
 
 SOURCE  U.S. Bancorp Piper Jaffray Inc.

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