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To: Fred Fahmy who wrote (38168)	10/28/1997 9:18:00 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 186894

Fred, RE:"I think what this week shows more than anything is why nearly all mutual fund managers underperform the market year after year after year." Humm, and here I always thought the mutual funds underperformed the averages because they have to carry cash. In the last 15 years cash has been trash. Not to mention management fees and 12b1 charges. <G> Jim PS, Extra credit for anyone who knows what famous analyst coined the phrase.."Cash is trash"?

To: Fred Fahmy who wrote (38168)	10/28/1997 10:11:00 PM
From: denni	Respond to of 186894

>>disciplined investors who have picked solid stocks like INTC and MSFT and CSCO my port: intc/w 39% msft 37% csco 17% and doing ok. i was i santa barbara yesterday; followed the fireworks via radio waves.

To: Fred Fahmy who wrote (38168)	10/29/1997 12:18:00 AM
From: Paul Engel	Respond to of 186894

Fred - Re: " ...nearly all mutual fund managers underperform the market year after year after year. Their panic attacks ..." Well phrased. I have this image of a fund manager sweating at his desk, watching his stocks sink lower, yelling over the phone at his broker to SELL, SELL, SELL, and seeing his MILLION DOLLAR BONUS dwindle down to just a paltry few hundred thousand dollars for "almost matching" the S & P averages! Paul

To: Fred Fahmy who wrote (38168)	10/29/1997 1:14:00 AM
From: Price Monger	Read Replies (1) \| Respond to of 186894

Fred, The thought I've been having is, "What is a reasonable fundamental valuation for these companies?" Or in other words, "How low can a stock go, given a global panic, and consolidation back to sound fundamentals?" The only true value there is for a stock, is the valuation of all future dividends. Something to think about. What counteracting forces are there to an all out panic, other than greed - fundamental dividend valuation? I've come to respect your investment style, but now I'm also in search of a good hedge philosophy.