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I apologise for not getting on here very much the last few months. It has been extremely busy. As a result, today was the first chance I've had to get on this board and read your messages.

ALCOA WAS NOT ON MY JANUARY 1, 2002 BUY LIST

On December 20, 2001, Value Line reported lower 2002 earnings estimates for Alcoa. As a result of VL's lower earnings estimate for 2002, I adjusted AA's 2002 estimated ROE to 13.90 rather than the published ROE of 16.0.

This ROE adjustment gave me a downside price target of $31.52, which was below its 12/31/01 closing price of $35.55.



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