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To: Joan Osland Graffius who wrote (123213)	9/18/2001 1:19:21 PM
From: Tom M	Read Replies (2) \| Respond to of 436258

Joan, yup, capital preservation is a wonderful thing. I've been thrilled with boring ol FDIC insured CDs as a good percentage of my asset allocation. I was even in them early enough to get every 3 mth bump up while Al was still raising. Well all good things come to an end and, although I had already changed to longer term, I didn't expect 8 cuts in 9 months. I know I won't be as happy with the renewal rates, but they're staying put till we get much closer to book values. I was doing some value hunting today, and was surprised to not find much under the circumstances. I thought I'd see if ORCL was getting cheap yet and it's 10X book value (of $1.10) still! Good use of their cash to buyback?? Same surprise on finding INTC still 4.3X & CSCO 3.7X. And the P/E's (if there's any E) are awful high and don't even reflect the dismal earnings ahead. TIE setting another low today but at least its 1/2 book, has cash, & little debt. I 'd prefer tech valuations like CPQ at just over book, little debt and 3.8B cash. Also liking LU & COMS valuations by comparison to the "nifty" stocks. Feel free to keep in touch when you see value ;-) Tom