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To: craig crawford who wrote (130127)	8/15/2001 10:46:51 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 164684

...people loathed stocks after a decade and a half of losses ending in 1982. It was only about 9 years, but yes, they did loathe them. Actually, investors in 1982 were obsessed with taxes more than anything. The most popular investments were municipal bonds (yielding double digits), and real estate and oil & gas tax shelters. The latter were also thought to be an inflation hedge, but tax advantaged cash flow was the attraction. What you forget is that lots of money was made in stocks between 1974 and 1982. Was it made in Polaroid and other nifty-fifty high flyers of late-60s/early-70s fame? No. It was made in emerging growth and value plays. Forget what this generation's nifty-fifty is doing. Forget their PEs. Forget the market multiples. Stop obsessing over whether other people still hope for Nasdaq 10,000. Just look for good, growing businesses at good values.