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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 79.27

-1.2%

Dec 11 3:59 PM EST

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To: larry who wrote (59950)	6/25/2002 4:42:08 PM
From: Eric	Read Replies (2) of 77400

Larry AG could have pricked the balloon a little bit earlier so we wouldn't have had such a big blow off top, in my book though he as done a pretty good job. The big exemption to that statement was his raising rates in May of 2000 while the melt-down was beginning. The Fed did a much worse job in the 70's and early 80's. Greed got in the way of a lot of people making good decisions. Fortunately I got defensive after a number of months and my cost basis was very low. A very good friend of mine has been in margin this whole time since June of 2000. I had him talked out of margin in March of 2000 but he couldn't resist buying the dips and he is hurting big time now. As John and I have discussed in the past people just expect the good times to continue forever. I knew we were in nosebleed territory but even I held on too long. Fortunately pulled the trigger and locked in my gains when I finally realized we were in a true bear market. This thing will overshoot on the downside and is starting to create some great opportunities but I have resisted putting my cash to work. It's been hard sitting on the sidelines watching this with all the cash in my pocket but I remember too well the early to late 70's and what happened. Also similar to the 1920's but I expect a faster rebound with the mechanisims that we have in place. The level of gloom and doom that I'm hearing from almost everyone I talk to is encouraging. The only question is when it will turn. Eric

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