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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Art Bechhoefer who wrote (15080)	7/2/2002 5:35:21 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 36161

Art B...re: "outside the box" Art....what I meant by the lack of "outside the box" behavior from the typical Fund Mgr; is how out of the ordinary Fidelity Fifty's - John Muresianu was; with his strong Gold Stock position and 30% Cash position. This was EXACTLY what present market conditions called for - ie: a strong defensive contrarian-cyclical play in gold and keeping significant CASH positions for "rogue wave" market meltdown buying opps. This market environment demanded a portfolio weighted defensive equity position, significant CASH positions and much patience...John Muresianu should have been the rule - not the execption. Sadly those 3 things (defensive positions, cash & patience) are as rare as hens teeth among the typical fund mgr today....they're still 97-99% fully invested and mainly in the same names they've been in for 2+ years. While both DEBT and GOLD are 4 letter words... one has made more money than any other sector in the market over the last two years... and the other has lost more money for more people in the same timeframe. Art - there will be a time to switch to deep-value plays and no doubt; some will be found in tech & telecom...but, not yet imho. PS: here is my - "I feel your pain" chart of the day for the techies: finance.yahoo.com OUCH~

To: Art Bechhoefer who wrote (15080)	7/2/2002 5:45:16 PM
From: tahoe_bound	Read Replies (1) \| Respond to of 36161

Some of these companies are selling below book value. --------- It is the creative arrival of how they have arrived at book value that is suspect at best. The fundies still have a hard time accepting why the old pro-forma way of "presenting" the picture of company health is not working for them. It is a matter of trust. Distribution continues in a massive way, the technical picture "bears" this out, a positive spin a la the old way of doing things in the 90s is not cutting it any more. There is so much more to the markets than techs!