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To: Gary Wisdom who wrote (45421)	5/30/1998 12:37:00 PM
From: Chuzzlewit	Respond to of 176387

Gary, I take exception to this observation: With the exception of a very, very few stocks, buy and hold just doesn't work that well (except within finite time spans like the current bull market with selected stocks only). How about this observation: over the past forty two years the S&P500 has appreciated at a geometrically calculated annual rate of 10.6%, and this number excludes dividends (which would probably add an additional 1%- 2% to those numbers). Or how about this one: holding T and all of the spinoff companies from 1984 (pre-breakup) through the current period would yield around 19.7% (this number includes dividends and assumes reinvestment of dividends but ignores taxes. Source: NY Times). I think the evidence is clear. However, I also believe that you can do better by carefully selecting those companies you wish to hold for a decade or more. TTFN, CTC