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To: Terry Maloney who wrote (231715)	3/27/2003 8:17:10 PM
From: Tommaso	Read Replies (2) \| Respond to of 436258

I think the valuation mode will work once again. It's been decades since P/E's on the S&P or whatever is comparable have dropped to 8 or below, but with sufficient disenchantment it could happen again. If the war, the budget, the economy, and ultimately the social fabric of the US start to unravel, the dollar and the markets could see an additional severe contraction. I am like old Buffet in being long term bullish on the United States, but there's all sorts of trash that needs to go first. I find investing nowadays cannot be separated from speculation, and that to prosper involves antics like standing up in a canoe. Hardly appropriate at my age but there seems to be no choice. Even "cash" is a speculation with fiat currencies.