The Daily Dow FOOL GLOBAL WIRE by Robert Sheard (TMF Sheard) LEXINGTON, KY. (May 7, 1997) -- Face it; we're spoiled. That's right. We've had it so good for so long of late, we've lost perspective. (It's nice, though.) Let's look at the numbers. Since the 1920s, the major market indices have increased roughly 11% per year. That's a hefty rate of growth when you compare it to other investment vehicles. But in the fifth or sixth year of a major Bull market, we've gotten used to much higher returns for the Dow, more than 20% a year in 1995 and 1996. When 1997 started off at a slower pace than the two previous years, pundits right and left were predicting a weak year for the market. Today, with the Dow giving back over 140 points, the attitude seemed to be depressed. Time for a reality check. Even after today's drop, the Dow is up 9.8% for the year. It's only May! We're within a percentage point of the market's long-term average annual gain with more than seven months to go. Of course there's no guarantee we won't drop from here, but even if the year were to end today, it would be recorded as a typical gain. If we compounded the return over twelve months, the number's absolutely terrific, approximately 30%. For a year, then, when no one expected a strong market, we've posted a terrific 4-month return without anyone remarking the growth rate. Don't get me wrong; I'm not predicting anything for the rest of the year. I simply find it interesting that we lose a bigger perspective after a couple of years in a row that "bust the curve." I'd be thrilled with this year's returns every four months, wouldn't you? (c) Copyright 1997, The Motley Fool. All rights reserved. This material is for personal use only. Republication and redissemination, including posting to news groups, is expressly prohibited without the prior written consent of The Motley Fool. ________________________________

The Current BTD 10 AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:T)") else Response.Write("(NYSE:T)") end if %> *Philip Morris <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:MO)") else Response.Write("(NYSE:MO)") end if %> *Intl. Paper <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:IP)") else Response.Write("(NYSE:IP)") end if %> *General Motors <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:GM)") else Response.Write("(NYSE:GM)") end if %> *Exxon <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:XON)") else Response.Write("(NYSE:XON)") end if %> Chevron <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:CHV)") else Response.Write("(NYSE:CHV)") end if %> Eastman Kodak <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:EK)") else Response.Write("(NYSE:EK)") end if %> Minnesota Mining <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:MMM)") else Response.Write("(NYSE:MMM)") end if %> J.P. Morgan <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:JPM)") else Response.Write("(NYSE:JPM)") end if %> DuPont <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:DD)") else Response.Write("(NYSE:DD)") end if %> NOTE: Foolish four stocks are preceded by an asterisk. Updated Daily

1997 Foolish Four Model Stock Change Last -------------------- T - 3/4 32.63 GM -1 1/8 57.50 CHV + 1/8 69.63 MMM - 1/2 89.75 Day Month Year FOOL-4 -1.24% 0.03% -4.45% DJIA -1.93% 1.09% 9.88% S&P 500 -1.47% 1.78% 10.11% NASDAQ -0.41% 4.93% 2.47% Rec'd # Security In At Now Change 1/2/97 120 3M 83.00 89.75 8.13% 1/2/97 153 Chevron 65.00 69.63 7.12% 1/2/97 179 Gen. Motor 55.75 57.50 3.14% 1/2/97 479 AT&T 41.75 32.63 -21.86% Rec'd # Security In At Value Change 1/2/97 120 3M 9960.00 10770.00 $810.00 1/2/97 153 Chevron 9945.00 10652.63 $707.63 1/2/97 179 Gen. Motor 9979.25 10292.50 $313.25 1/2/97 479 AT&T 19998.25 15627.38 -$4370.88 CASH $431.29 TOTAL $47773.79

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