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To: Joan Osland Graffius who wrote (203786)	11/10/2002 4:59:28 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

Yes, my one fear was that Tice would overnight convert BEARX into treasuries at the peak of the bubble and lock in his losses. But he stuck with his strategy. It will be interesting to see if the "prudent" part of Prudent Bear ever comes into effect. The way he talks, he won't turn bullish until the Dow is about 2500 or lower. I would consider it to be unacceptably risky to maintain shorts any time that overall P/Es even begin to approach average levels--I mean 15-18. But maybe he will go to cash. I will already have moved my capital into Safe Harbor.