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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (12878)	10/27/1997 9:17:00 PM
From: Jack T. Pearson	Respond to of 50167

Ike, I was afraid that this kind of correction was coming. I contributed to it. I knew prices were at record levels; suspected that the increase in share prices at multiples of increases in sales and earnings was insupportable at some point; heard the warnings by W. Buffett, Greenspan, and others; noted the increasing volatility (and contributed to it as I tryed to outguess the "big drop"); wanted to ride the market as far as possible; and was ready to get completely out quickly. I pulled the plug on all of my stocks and options early this morning. And I won't be in a hurry to get back in until I see evidence that the bottom has been reached and values are available. The fact that the NYSE was halted didn't appear to have much impact. Maybe circuit breakers aren't worth much. When I do get back in, it will be slowly, and I will be more broadly diversified. I may miss a real buying opportunity tomorrow, but I will sleep well tonight--that's worth missing a few points for. Respectfully, Jack