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To: Rick Storm who wrote (353)	4/27/2002 9:25:39 AM
From: willcousa	Respond to of 13403

This has been a very interesting and productive discussion. I am sure that part of the market action is due to nervousness on the part of investors, both domestic and foreign. I agree with Jacob that the US and Saudi Arabia will find an accomodation as they always have. It may require some winks and nods from both but I think the Saudis have less to give up if they simply slack off the terrorist support. I would rather invest in intel than a suicide bomber if I am a wealthy Saudi. So the question remains how long the uncertainty will last or will it remain for those who have pulled out of the US market and will others step in to take their place. I suspect that many believe that tech is a killer industry of the future and want to be around for the next big move up. I have been out of pocket for the last week and haven't studied the volumes for the last week yet - which should add some intelligence to the mix.

To: Rick Storm who wrote (353)	4/27/2002 11:02:54 AM
From: Cary Salsberg	Read Replies (2) \| Respond to of 13403

I have been called "arrogant" a number of times (at least) here on the SI site, and the following will probably contribute a few more. Almost all the purchases I have posted since December 2001 have been coupled with covered calls. I have posted sales of covered calls for the AMAT, KLAC, and NVLS I purchased before December. Last November I set a $55 target (pre-split) on AMAT and suggested "lightening up" at that price. Currently, it looks like most of my covered calls have a good chance to expire worthless. I have said repeatedly: 1. The economy has turned (starting November 2001); 2. The stock market has bottomed (again, November 2001); 3. Expect an unusually slow recovery for technology, semis and semi-equips because of the bubble aftermath; 4. Valuations are high and the market will correct when people start to understand and quantify that the recovery will be slow and prices are way ahead of fundamentals; 5. Quality will retain a premium and reward patient investors, so try to accumulate and lower average cost by trading or selling covered calls; 6. Moore's Law is alive and well and the prospects for technology companies are very bright once the bubble aftermath is passed, but many technology companies will not successfully survive to better times. Selection is very important, but it has been made exceedingly difficult by the bubble distortions; 7. I have stuck to my buy ranges which have been posted since February/March 2001 with very slight modification; 8. I have stuck to my recommendation, also since early 2001, of what I believe to be the 8 highest quality technology companies. So far, all 8 have managed their businesses and reported performances which confirm my support; In conclusion, I have not seen any surprises. Stocks go up or down a little more or less than we thought they would, business take more or less time to recover from the bubble and recession than we initially predicted, and people move from undue optimism to undue pessimism and back again. Investing is not as easy as it seemed during the recent great bull market and the culminating bubble. It is not as difficult as some, who want us to pay them for advice, would make it. Socrates said, "Know thyself!" For investors, that means know what you know and know what you don't know and fear treading outside your realm of expertise as you would on thin ice.