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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (55026)	11/2/2001 10:07:21 AM
From: michael97123	Read Replies (1) \| Respond to of 70976

BWAC, Why the strong animosity toward Fleckenstein? Is it him personally or what he represents that you are reacting to. Has he done something untoward that we should know about or is he just the Battapaglia of the dark side? mike

To: BWAC who wrote (55026)	11/2/2001 10:23:38 AM
From: Cary Salsberg	Respond to of 70976

I think I will give my best advice. It is not aimed at short term traders because they are more clever than I, or are broke and my advice doesn't matter. In these times we have quality, volatility, and money management to use in our favor. 1. The highest quality companies will not be the biggest gainers, but they will be the surest gainers. Quality is not necessarily size, but is market leadership, competitive advantage, and pristine balance sheets with very positive cash flow. You all know my list. 2. Volatility makes it useful to make small adjustments to positions. Buy some more after a big move down, sell some after a big move up. Think lower cost, more shares for the long term position. 3. Nobody has any idea what will transpire economically during the next year. We have seen the FED lowering frantically and the joke about the number of decreases to zero which I made at the beginning of the year is not so funny now. In an uncertain environment, money management means comfortably positioning your portfolio when you are uncertain what the market's direction will be. Obviously, 100% cash or stocks is not money management unless manic, volatile stock movements make one or the other a no-brainer. I have not seen a no-brainer since March 2000 and October 1998.