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To: freeus who wrote (2728)	4/12/2000 10:42:00 AM
From: straight life	Read Replies (1) \| Respond to of 6516

"Then shouldn't we have sold when it was over 100? Is the buy and hold silly when stocks have risen that far from their "value" (whatever that is)? Valuing companies; That's not a bad question; statistics have shown timing to be a poor way to invest, I believe because you never know what's happening right now with a company. Lagging PEs available from the newspapers and many sites are analogous to driving a car while looking into the rear view mirror; it's the future that's all important, as that's what the stock market is discounting, ergo: stick with those managers who've shown a propensity year after year for bringing good futures into being, like Henry Yuen and I.J., Straus & Kalkhoven, Chambers... just a very few among the few.

To: freeus who wrote (2728)	4/12/2000 3:35:00 PM
From: Mike Buckley	Read Replies (1) \| Respond to of 6516

Freeus, Then shouldn't we have sold when it was over 100? There are a lot of ways to make money in the market but my way is buy and hold. We never know when an announcement will be issued that might have made that $100 price tag look cheap. And remember that pre-tax returns garnered from selling stocks every couple of years have to far outperform pre-tax returns garnered from waiting five or, better yet, ten years to achieve the same after-tax results. The moral is that when you sell, you better be darned sure that your sales today are going to be a lot more profitable pre-tax than waiting another five years. Otherwise, in the end you would have been better off riding out the dips. --Mike Buckley