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To: GST who wrote (113774)	12/31/2000 6:07:42 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

Plenty has happened, GST. I don't know where you get off with accuzations, and then you can't back them up. I told you I'm back to Spring, 1999, levels and I'm still holding on. That's pretty incredible, but it's true. It has been very volatile, a bubble, but I made more on the way up and held during this down market( and lost far less). I was up more than 100% in 4Q99 alone. Being down 70% this year falls into perspective then. Now what are you accusing me for? Telling you the world isn't ending? It isn't so far. All the indices are back to the Spring, 1999. The wheels haven't come off. Maybe you don't appreciate the extent of the advance since 1997. I appreciate both because I lived them.

To: GST who wrote (113774)	12/31/2000 6:24:36 PM
From: Randy Ellingson	Read Replies (1) \| Respond to of 164684

Hi GST, You said You bought and held into a bubble -- the bubble burst and now we are in a broadening economic slowdown brought on by energy prices, interest rates and the bursting of the bubble itself. First, my take on your comments has nothing to do with William's position. There's nothing about buy and hold that doesn't work through a bubble, unless one happens to buy all of their stocks on the Big Bubble edges. Buy and hold doesn't necessarily work over any three year period, it's a longer "long term". It hasn't worked very well for AMZN or YHOO, but it has worked well for many other good companies (again, assuming a ~ three-year time frame). Beyond that, your assessment of the economy going forward matches many people's current view. In light of that, you'd have to assume the market's current pricing is doing its best to accommodate that view turning out to be wrong. Where are interest rates going now? And where is the current damage resulting from the bursting of the bubble? When YHOO trades at about 35 times free cash flow, there's not a lot of bubble left. If it's investor confidence you're referring to, that's not an issue for buy and hold -- it will cycle too. Energy prices, could easily go higher but also lower. I do have a long term energy play -- Astropower. They are risky: their management may not be strong, and they could (unlikely IMO) fall prey to a swift shift in solar cell technology. But as the price for traditional energy rises, solar falls in step. Solar won't get more expensive for any reason other than demand which continues to outpace supply. You may be right, but forecasting the economy wrt the stock market still seems like a lot of guesswork.