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To: Teresa Lo who wrote (579)	10/12/2000 11:21:11 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 8925

Yes you encapsulated it well. The pat move for the futures trader is to secure a posture in safety, hence the Treasury Bills. One cannot compare positioning a stock with trading a futures contract or two. The decimation that may occur with the wrong decision in a futures trade requires a sense of guardedness that one will not see in the stock trader, as well hedged and as well schooled as they may be. As I get older and wiser the more money I have in T-Bills the better I feel. J.P. Morgan, by the way, is quoted often. The quote is "Stocks Fluctuate". Morgan said that because he considered the stock market a fool's game. He made his money in Bonds.

To: Teresa Lo who wrote (579)	10/13/2000 1:48:19 AM
From: Michael Watkins	Respond to of 8925

Well for the record, I've been in TBills for ages except for 10% of our RRSP money. People have been laughing at me all year about it, well, except for the last few months LOL. I was concerned at one point about leaving my whole account in cash because there are limits as to what the Canadian Securities Protection Fund (can't remember its exact name) will cover for straight cash, but then if things get that bad and Schwab goes out of biz, I'd better have my cash in a mattress or in food or something ;) Province of BC upped its interest rate on bonds. I'm not interested. LOL Anecdote, working at that brokerage client of mine, didn't see any panic faces yet. I think folks are still buying this downtrend. Sure seems like it with some of the grinding we've seen on the way down.