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Pastimes : John Dessauer's Investors World
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To: Keith Garlitz who wrote (1534)8/31/1998 4:11:00 PM
From: Wren   of 2346
 
Keith, I believe that some great buying opportunities are developing. I own most of the stocks you mentioned, and have picked up additional positions in FFS and FEG as the prices have dropped. I believe those two are very sound and in the long run we will make good returns on them. I plan to buy more when I believe we are nearer the bottom.

The real question is when to buy more. I remember the sell offs in the mid sixties and in 1972. The selling did not stop until the stocks were real bargains!!!! The drop caused by the nifty-fifty bubble took several months to complete. However, general economic conditions were worse then in the US. However look at Asia and a lot of other underdeveloped areas today.

I have always wanted to be in a good cash position when a major top collapsed, so I have sold a lot in 1998, have a lot of cash, and so far have picked up a few stocks that seem real bargains now.

The real question is when to go back in in a big way. We have the mutual fund "tax loss period" which will go on from now to 10-31. Then we will have individual investors offsetting gains with tax losses all the way to 12-31.

Today, we have the DOW down over 500 points and the Nasdaq around 140. I plan to do some selective picking and wait before committing the bulk of my cash.
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