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To: Jock Hutchinson who wrote (9526)	2/6/1998 2:47:00 PM
From: Beachbumm	Read Replies (1) \| Respond to of 25814

Jock, that's a very good post. Much better than your initial foray. I doubt that many of us can trade very aggressively short term, a la Cramer. I think you'd have to be really plugged in to WS and definitely hyperkinetic. I have no problem with taking short term gains from time to time (taxes be damned, if you have a problem with taxes, run for Congress and change them!) but mainly I'm looking for long term appreciation. I've ridden stocks way down before. Guess it would be harder if it were other people's money I was riding! Beachbumm

To: Jock Hutchinson who wrote (9526)	2/6/1998 3:38:00 PM
From: shane forbes	Respond to of 25814

Jock that reminds of another beast: -----A-------- \| \| \|B \| \|C ---- ---D---- the above crappy looking graph is the utility function. If at point A I bet 1000 and gain 50% or lose 50% I'm not too concerned because overall win or lose my sensitiveness to my present wealth is pretty much the same - I was rich before I am rich now - so I'm ok with it. (Of course rich people hate to lose money but that's another facet.) If at point B I bet 1000 and I gain I'm ecstatic and if I lose I'm really down. The utility function is changing rapidly. At point C I'm thrilled if I win and not as bummed if I lose. At point D I'm miserable both ways equally (like A in reverse). --- HA! All the above is TIC. Tough assuming change in utility function value = change in happiness factor!!!