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To: Sam Sara who wrote (90075)	1/6/2000 11:30:00 PM
From: Victor Lazlo	Read Replies (2) \| Respond to of 164684

<<William, first kudos to your sense of timing....impeccable.>> Sam if I had sold out on Mon like William did, I would have missed out on the 9.5 % gain in my portf since. I suppose it all depends on what you have and how hard you got hit, or how much you gained. From my sketchy memory of his holdings, you are correct, to the extent that William's move was perfectly timed given his holdings and the sectors that are getting battered. I suspect William had some "guidiance" in coming to his decision, which is to his credit by the way. Being somewhat of a night owl, I like to fall asleep as soon as my head hits the pillow. Sure is nice to still be able to do that. Victor

To: Sam Sara who wrote (90075)	1/6/2000 11:33:00 PM
From: Bill Harmond	Read Replies (4) \| Respond to of 164684

The market (especially technology) was extended and the bond market broke through the 6.5% level that was the consensus limit for the move. That shook off the complacency, and the calendar change facilitated the selling. Now it's snowballing. When you have a group priced on expectation like the Internet stocks have been, there really arent the tools to validate a purchase decision when the market moves against you, so I think this decline will probably become a very emotional market-clearing event. I can tell you from the meetings I attended that the fundamentals of the leading companies are very much intact, and in many instances business is accelerating. There are going to be some fantastic buying opportunities, but I don't think we're anywhere near a safe entry point, especially if economic strength keeps the bond market down.