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To: Patrick Slevin who wrote (48981)	8/1/1998 7:38:00 PM
From: Dwight E. Karlsen	Read Replies (1) \| Respond to of 58727

Pat, and then there's me, who was bearish during the whole month of July, who was holding an MSH put, who posted dire late-night messages about how so many people were going to be paying for that foolish manic buying by fund managers..."we just have to keep our clients' money working, so we are forced to value internuts like YHOO at more than the combined values of ABC, NBC, and CBS." It's no wonder that mutual funds consistently underperform the S&P 500 -- they have a bizarre definition of "keeping our clients' money at work" which is "we'll keep buying stocks, no matter how absurdly valued or poor earnings are, until our clients take the money away from us." a couple of days before the S&P, Nasdaq, and MSH topped out for the year (yes, I believe they have, I believe it was two Tuesdays ago, on July 21st), I wrote that John Q Public was about to be fleeced by professionals on wall street...I think that what was obvious to me at the time has now for the most part happened, with many many "investors" stuck with stocks bot at record absurd levels.. on Thursday I moved my MSH put into cash, and moved my IRA, which had been idling in a Schwab money market, into stocks. One of the stocks was RDC (Rowan Cos.), which I snapped up at an absurdly low price.. Can't tell yet how my timing was, but RDC only lost 1/4 pt on Friday's across-the-board stock sell-off.. Cheers everyone (these heavy downdrafts make my mood pick up considerably -- the world has not gone mad permanently after all).

To: Patrick Slevin who wrote (48981)	8/1/1998 7:38:00 PM
From: Lucretius	Read Replies (2) \| Respond to of 58727

I don't think this thread is that bullish, more like "opportunistic" I just thought that guy's post was funny. It made me laugh; that's all. I think he's right though, the majority of investors think the mkt only goes one way... up. They can't even comprehend a drop of the magnitude I think we're going to see over the next few months. From what I've read of major tops (afterall we haven't see one since the early 70's) Sentiment slowly turns, and fear broods underneath the surface. Remember in '29 the Fed warned of overvaluation and there were great fears that the mkt was "too high." At the top, sentiment is highly bullish. However, once the decline begins it needs an ever increasing supply of bears or there are no sellers. The rabid bulls are then caught w/ their pants down and all hell breaks loose. -Lucretius