To: Dorine Essey who wrote (156034 ) 4/14/2000 11:09:00 PM From: calgal Read Replies (1) | Respond to of 176387
cnbc.com OT - Hi Dorine! How is Herb feeling? I hope his recovery and Cynthia's are going well. :)Leigh PS Here is an article I read tonight. Little guys vow to hang on in bone-crushing markets By Ian Simpson NEW YORK, April 14 (Reuters) - Individual U.S. investors from New York to the Dakotas licked their wounds from a crushing Wall Street sell-off on Friday but vowed to keep faith in the stock market. Noting bull markets had followed earlier downdrafts, they told Reuters their portfolios were sound and they were willing to sit tight through the turbulence. "Obviously, the temptation is there to panic here a little bit and sell out on some of these things," said Gene Lang, of Bismarck, N.D. Lang, a 59-year-old retired National Guard colonel, said he had seen losses of about $300,000 in individual holdings and through his 132-member investment club over the last 30 days. "It's kind of unnerving, frankly," he said, but added: "I think the strength of the club will be that we will stay the course here." The individual investor has been a major player in the bull market of the last decade, with more than 48 percent of U.S. households owning stocks last year, according to the Investment Company Institute. However, one of the worst slides in market history has been a severe blow to the retail investor. Wall Street's three major stock indexes logged their biggest one-day point declines on Friday. Most painful of all for many investors was the drop in the Nasdaq composite index, home to a host of the high-technology stocks that are the darlings of the retail stock picker. The Nasdaq was off almost 10 percent and has plunged 34 percent in the last five weeks. Despite the red ink, investors were mostly upbeat. They said the sickening downturns would help the market by driving out short-term investors and those who bought shares on borrowed money. "It's kind of stupid to buy high and sell low, don't you think?" asked Noelle Boyle, a product manager with Dell Computer Corp.'s (DELL.O) online group in Austin, Texas. She said she had put about $8,000 in technology issues in late February, and wished she had the money to bargain-hunt. "I'm just trying to keep a level head," Boyle said. Sujay Choksi, a 28-year-old diamond manufacturer from Queens, N.Y., said he was not nervous despite being heavily invested in technology shares. "People are just overreacting to the way the market has been this week," he said. The optimism reached into Internet chat rooms, where investors exhorted each other to hang on. "Don't beat yourself up too much -- the massive psychology behind these markets was hard to resist or avoid," said a message on Raging Bull's chat page for CMGI Inc. (CMGI.O), an Internet venture capital firm whose stock lost 21 percent on Friday. "If you are brave, realise this for the opportunity it is ... and make lemonade out of lemons," said the contributor, who signed off as "Mefletzet." Davis Gilmer, general counsel with Citadel Holdings, a venture capital consulting firm in Austin, Texas, said he saw the downdraft as "a healthy cleansing." He added, "I'm loving it because I have a little bit of cash to play with. It's like, cool." Rtr 19:02 04-14-00 ¸Copyright 1999 Reuters Limited.