HOW TO BUY A SKYSCRAPER

AFRAID OF HEIGHTS ON WALL STREET? CONSIDER REITS

If you can't buy cheap, at least don't pay top dollar. it's a commonsense strategy for any purchase, but one that remains difficult to stick with in the stock market. Even after steep declines in the past month, prices are staggeringly high. Consider that the companies that make up Standard & Poor's 500 sell for at least 30% more than what it would take to replace all their tangible assets, down to the last paper clip. That's a record premium.

Technology stocks like Macromedia Inc., Quarterdeck Corp. and Verity Inc. have been pounded down 75%. Tempting. But tech stocks are highly...

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