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To: bluezuu who wrote (58152)	1/23/2008 8:11:57 AM
From: Dale Baker	Read Replies (2) \| Respond to of 118717

The core of the dilemma now is that to avoid bear market downdrafts, even long-term investors have to think about market-timing, just to preserve capital. I slept a bit better last night knowing I have lots of cash, and my downside potential has been lowered commensurately. There is no moral imperative that says someone should be fully invested every quarter of every year, not in a business which can be so violently cyclical. That is especially true in my business where my overhead costs are very low, and there is no huge pressure for regular cash flow. I learned long ago that if you want a steady paycheck, it's hard to find in the stock market. But better days will come again - they always do.