Whether intended or not, ''The prophet of Wall Street'' (Cover Story, June 1) served two purposes. The first, of course, was to note the success and methods of Abby Joseph Cohen, who has so accurately and eloquently forecast this bull market.

The other was to shed some much-needed light on the error-laden predictions of Michael Metz, Byron Wien, and Elaine Garzarelli. Their guesses, if followed, would have cost investors money. All they offer in response is a ''this-market-is-wrong'' type of defense. What is amazing is their ability to remain employed. Thank you for not having the same type of amnesia as other business media in failing to hold ''market wizards'' accountable.

Michael W. Riley
Hiawatha, Kan.

I was surprised that Abby Cohen has only 65% of her model portfolio invested in stocks. Most people who are bulls opt for a much higher percentage than this. I personally am 98% in stocks. Of course, many stocks are partially bonds. Drug stocks are 10%-20% bonds, major oils are 45%, and many other industries are in between. If Cohen recommends putting 65% in equities, and many of the stocks have some partial bond features, then she really isn't sticking her neck out too far.

Alvin Golub
Brooklyn, N.Y.


Updated June 11, 1998 by bwwebmaster
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