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Technology Stocks : Y2K (Year 2000) Personal Contingency Planning
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To: PitBull who wrote (11)4/13/1998 8:48:00 PM
From: C.K. Houston  Read Replies (6) of 888
 
enthusiastic,

<In your estimation, do you think mutual funds will at least retain their value now, in the year 2000, and 2001?>

I am NOT a broker or financial planner ... so I'll tell you what I tell my family/friends.

I personally do NOT have much faith in fund managers at this point in time. How many have you seen speak openly & honestly about Y2K "Year 2000"?.

I would LOVE for someone to post direct quotes from a Mutual Fund prospectus, regarding Y2K disclosures. Haven't seen it yet.

I would suggest you ASK the mutual funds you are invested in (in writing) ... what stocks they are CURRENTLY invested in and what liabilities have been disclosed regarding Y2K. If they don't give you a satisfactory answer .... YOU decide what to do. I wouldn't stay with them.

I have "suggested" to family/friends that they cash in most mutual funds. Bite the bullet when it comes to taxes. Take that money and convert to a mix of certain Y2K stocks, silver/gold coins (bullion NOT stocks) and cash. I've kind of taken on the role of as "protector" to my parents/aunts/uncles who are retired and on fixed incomes. Protection of assets is most important to me here.

Some of the money will being spent purchasing and installing safes in their homes. Soon some money will be spent on purchasing food, perishables and generators. I honestly don't care WHAT people think - whether I'm right or wrong. I'd rather be safe than sorry.

I also "suggest" that CD's in small & mid-size banks NOT be automatically renewed. Unless VERY short-term. From all of my research, failures will first start to occur here. [Unless it's a REALLY small bank that's isolated and has no outside interaction and/or dependencies.]

At this point-in-time, I'm pretty aggressive in the market and am heavily invested in Y2K stock(s). But, by 4th quarter I become VERY conservative. I'll be cashing in at least half of my stock portfolio. And will watch the market & media very closely over the next few months to determine when to pull out the remainder.

So, you don't think I'm a TOTAL bore on this whole Y2K deal. I'm going to have a house in the south of France for a couple of months - and am encouraging friends & family to visit. I want everyone to enjoy life and experience things now. Things they they might have otherwise put off. Carpe diem.

I see travel being cut back BEFORE Jan 1, 2000 and dramatically cut back for at least several months thereafter. I expect disruptions/slow-down to start occurring when GPS fails August 21, 1999. Major airlines and airport should be OK - but some smaller airlines and airports won't ... and could cause problems.

Cheryl
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