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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO) -- Ignore unavailable to you. Want to Upgrade?

To: md1derful who wrote (6037)	12/21/2000 6:41:28 AM
From: Ralph Bergmann	Read Replies (1) \| Respond to of 6439

Doc, I am afraid of the moment when people have to sell to finance their credits. I still do not see that we have reached this point. During the Asian crisis we had this together with all the panic; the situation was clear. I agree with you that people are paralysed and watching their portfolio going down the river. In the moment I cannot recognize a crash, it is just a shift of money from one sector to the other. All my defensive stocks which didn´t move for years are rising now. I still believe what we need for the next rally is a panic sell off. I miss it so far. But a panic selling by definition would affect all stocks. I know, that I am in contradiction to my opinion yesterday where I thought I recognized a panic in the market. Ralph