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To: Tommaso who wrote (6060)	1/10/1998 4:48:00 PM
From: Janice Shell	Read Replies (1) \| Respond to of 71178

I know at least two graduate students who have used some of their scholarship money to buy mutual funds. And are you aware of the various 14-16-year-olds who contribute to SI (their posts are always VERY authoritative, they're NEVER wrong) and who seem (if they're to be believed) actually to be playing the market? Now tihs creeps me out.

To: Tommaso who wrote (6060)	1/10/1998 4:55:00 PM
From: Jack Clarke	Respond to of 71178

Tommaso, You were much wiser than I was. In the "go-go" sixties I was just reading all of the mutual fund propaganda and watching all those graphs heading up and to the right, with a few perfunctory dips , but with an unmistakable direction. How could such a trend not persist, having gone on for so long? I didn't know a price to book from a library book, just like so many younger investors now. The use of scholarship money to "invest" in mutual funds is indeed sad, like borrowing on the credit card at twenty percent to pay current bills so that the salary can go to the MF. Where, or more importantly, when will it all end? Beats the heck out of me. I'll be glad to buy when the price to book is approaching one and the dividend yield beats that of the bonds by a significant margin. Jack