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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: LauA who wrote (9119)	12/3/1999 1:24:00 PM
From: Madharry	Read Replies (1) \| Respond to of 78594

What kind of air pocket? I fail to see a circumstance that would cause a rational person to sell, based on Y2K other than a desire to convert all his wealth into portable and liquid assets that can be stored by his side. That assumes that the world as we know it is about to end at least for several weeks. Is that your view? Please elaborate.

To: LauA who wrote (9119)	12/3/1999 2:26:00 PM
From: Freedom Fighter	Respond to of 78594

LauA, I've been very conservative over the last few years. I'm having more trouble with this environment than most people. I suspect that the current earnings streams in part reflect the enormous bull market we've had. 1. Capital gains taxes to state and federal governments. 2. Pension funding issues. 3. Trading, underwriting, and commissions. 4. Higher levels of consumption. 5. High levels of borrowing. So I am less trustworthy of the environment in general and valuations based on current earnings streams. I am insisting on a pretty high margin of safety. Wayne