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Strategies & Market Trends : Fidelity Select Sector funds

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To: Julius Wong who wrote (3675)	4/23/2001 8:50:29 AM
From: Dan P	Read Replies (1) of 4916

Julius: Interesting comments on human behavior and the market. One difference here is that many more people and a much higher proportion of families have significant exposure to the market, and I would guess that very few if any (mainly because they have been advised to buy and hold especially mutual funds) have sold any prior to the major market decline. So, if you have lost 60 % or more(if you are a real speculator), I would think your behavior would be much more subdued: fewer discretionary purchases, fewer vacations, etc. The other side of this is that these market corrections can drag out over several years, possibly culminating in a final bottom (a la 1973-74). So, we could have rallies, and declines without making a lot of headway in the overall market. Who really knows: there are certainly sectors that will continue to do well (look at many energy stocks, or funds for that matter), and otherwise, it might work out best for the foreseeable future to primarily trade these rallies for modest gains, rather than buying and holding. Regards Dan

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