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To: Haim R. Branisteanu who wrote (124328)	9/20/2001 4:35:20 PM
From: Joseph Beltran	Read Replies (1) \| Respond to of 436258

cnbc reporting that individual investors are apparently giving up on "buy and hold" strategy.... I got a feeling the brokerage industry will lose more than a generation of investors after all this is over.

To: Haim R. Branisteanu who wrote (124328)	9/20/2001 5:40:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

Haim, i believe Japan's role in this can't be overestimated. Japanese banks are under huge pressure due to the mark-to-market edict that forces them to disclose their true capital position by the end of the month. also, i think there are already several hedge funds in trouble, even though we don't hear anything about that yet. but the Bass margin call today may be a prelude to further large margin calls about to hit other big traders that are overleveraged. admittedly though, the market appears close to capitulation, if it hasn't occurred already. nevertheless, i think even after the inevitable rebound from this crash, the bear market will not be over yet. it will be over when the individual investors i just saw on TV are NOT saying anymore "i'm not worried, it'll come back". at the bottom of this bear market, they will HATE stocks!