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To: Larry S. who wrote (27391)	12/20/2000 10:55:23 PM
From: BWAC	Respond to of 53068

Larry, I hear ya. Feels like I've been scrambling all year just to put out fires each week. This market knows nothing about valuation, it cares nothing about financial statements, it ignores the most basic underlying value of businesses, and it trades solely on pure instant momentum and chart reading. Up or down, to excessive extremes. If you can't close your eyes and speculate without fear you are out of the game. And I think I will soon be leaving the game. I'm just a dumb accountant that reads too many financial statements. And my style just doesn't work anymore. Used to could buy and daily trade a company like DPH, APCC, DELL, WCOM, FTU, INTC, etc. and not get whipsawed everywhich way but loose on a moments notice. But this year, no telling. Might as well have went to Vegas and took a trip round the world. It would have been more productive. The greatest part about the US markets have been their stability. That in itself brings foreign money here and helps us all prosper. But that stability is threatened these days, by the instable crowd that is running the markets. Take for example that thread I pointed out to you last night (Clowns or whatever). That is who is in control right now. They thrive on the instability, they seek to create the instability. They are not your everyday run of the mill people. And Greenspan has handed them a license to run amuck for 6 more weeks. If our markets appear unstable and corrupt (see anlaysts) then why won't the foreign money just stay home? This whole mess just sucks. I knew the dippydoodledoodoo.com crud would eventually blow the entire market up. I planned for it, I stayed far away, but never ever considered it would dig so deep into some of the quality investment grade companies. I sure hope people didn't throw these such companies out first trying to save/hold onto their hype.dotcoms, but I am afraid they did. Buy low, watch it go lower, buy more, watch it go still lower, cuss, fuss, complain, get back to even, sell some covered calls, drop another 30%, sit and wait, repeat. Gee whiz.

To: Larry S. who wrote (27391)	12/21/2000 11:58:54 AM
From: Thomas M.	Respond to of 53068

we have been finally paying down this debt This seems to be a very common misconception, perhaps fostered by the bullish establishment (Wall Street and Washington). Government debt is not piling up as quickly, but corporate and personal debt has exploded. This is what has fueled our stock market and economy over the past decade. Overall debt (government + personal + corporate) is much, much higher as a percentage of GDP than at any time in our nations history. contraryinvestor.com contraryinvestor.com Tom