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To: robert b furman who wrote (3142)	7/21/2002 1:46:13 PM
From: Henry D	Read Replies (1) \| Respond to of 7822

Bob, glad u r so optimistic. it ugly out there. i know the market is a cycle but what i am worried about is the macro and micro cycles. on the micro cycles, buy semis every 2 to 3 years then sell. that worked great during the bull bubble. but what if this is a secular (long term ) bear? if people capitulate, will they rush back into stocks? the wounds are still fresh, it might take a while. look at japan. i think i will start nibbling on KVHI. hope i am wrong about the secular bear, it hasnt been fun. Henry

To: robert b furman who wrote (3142)	7/21/2002 2:48:28 PM
From: Proud_Infidel	Read Replies (2) \| Respond to of 7822

Hi Bob, Excellent post as usual. These past weeks have been unbearably ugly for anyone long the market. Diversification has not helped(contrary to what nearly every expert has said ad nauseum) and I believe this is a great part of why people are now truly panicking. There is no place to hide from the carnage. We have also been witness to unbelievable rumor-mongering that I believe is attributable to hedge funds trying to shake the tree one last time and to separate the shares from those who do not have 100% faith in the companies they own, such as you do. Again, another reason for the panic we have been witness to. You can almost see the shares going from the weak hands and into the strong(sometimes unscrupulous) hands. I have never seen it happen on such a scale- one can only imagine that something very similar happened after 1929. Contrary to popular opinion, wealth is created during times like these and not when everyone is popping champagne corks. The key is to know that although we are in the middle of a fierce storm, the storm will pass. It is a mistake to extrapolate and believe that the storm will last forever. This does not happen in nature nor in the stock market. Is it easy to hold on during times like these? Absolutely not. But look where we came from to where we are. The damage has been done. Hold on, and buy more if you can(and have the stomach) and close your eyes and wait it out. I am nearly underwater on every purchase I have made in the past 12 months but I am still putting any available cash to use. This will prove foolish if the end of the world happens to end this week as the stock market is seemingly telling us. But if the dire predictions of the Super-Bears actually do come to fruition, it would seem that cash would not be much better than holding stocks. I do not pretend for even a minute to believe the dire predictions; many of the people making these predictions have an agenda of their own- to steal stock as cheaply as they can. Live frugally save your paycheck and do yourself a favor - buy some more stock. Live to fight another day, but invest if you can while doing so. A penny saved is NOT a penny earned as is common thinking, but actually approximately 1.45 cents when taxes are taken into account. If there was ever a time to pound the table and scream BUY! at the top of your lungs, that time is now. Regards, Brian, bloodied but unbowed