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To: diana g who wrote (53433)	10/23/1999 1:10:00 AM
From: Gary Burton	Read Replies (2) \| Respond to of 95453

Diana-no disrespect-but fundamentals are virtually useless in trying to ascertain whether to buy, hold or sell (yes, I know, them's fighting words to all FA folks)...The reason is that EVERYONE--both the buyers as well as the sellers-- knows the same information and industry backdrop etc etc. So one has no edge at all using FA. If all one did is follow FA, sometimes you'd win and sometimes you'd lose viz a viz the other folks who took the other side of your trades.It's a little like blackjack, where everyone knows there are 13 cards and two colours. ---In contrast,TA measures the ebb and flow of investors greed and fear, worry and complacency--that's a much better guage of where things might go in the next few months/qtrs than FA and in my umble opinion does indeed provide an 'edge' when going into the casino to invest in volatile stocks in a perfect information world--I started out believing in FA years ago and in the mistaken belief that news preceeds sustained price moves. I eventually learned my lesson the hard way and so I threw away my business school books and started reading up on charts and how to read them as well as the pitfalls etc. I now well realize that news actually FOLLOWS stock price moves, not the other way around.----enough already. I don't want to start world war 3 over how to invest. To each his/her own