"Mr. Launer's tip for investors who don't have the time to do exhaustive
research: Look for companies such as Enron and El Paso whose stocks are
trading at price-earnings multiples that are lower than their long-term growth
rates."

The one thing that scares me about Enron is the P/E, regardless of earnings 
growth. Our earnings growth has been so strong it is like a treadmill that 
keeps getting faster and faster. At some point you fall on your ass. That 
being said, I have never sold a share of Enron stock or exercised an option. 
We always seem to find ways to reinvent ourselves and make money appear from 
nowhere. Investment in Enron should be treated with the same caution as 
investing in Cisco or any other new economy stock that challenges traditional 
valuation methods.

Chris