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To: DanZ who wrote (4055)	8/5/1998 1:58:00 PM
From: Trey McAtee	Read Replies (1) \| Respond to of 6565

dan-- i dont think anyone is happy not having the money now, but we would have felt a little cheated. at that time the stock was in the high teens or low 20s if memory serves. we didnt know how low it could go. youre right...but so are the other people. if you in something for the long term, a 40% pop up doesnt really matter. of course had it happened in july i would have made a killing on my calls<G>. good luck to all, trey

To: DanZ who wrote (4055)	8/5/1998 10:55:00 PM
From: Clarksterh	Respond to of 6565

Dan - My point is that one of the things that makes the stock market work is that different people have different time horizons. And in fact one definition of a crash is when everyone's time horizon is the same - tomorrow. However, my time horizon is fairly far in the future, and as a consequence I don't really care too much about the price now. Obviously that has its limits - like if the stock went to 100 tomorrow which would be significantly more than the present value of its future earnings over my time horizon-, but give or take 40%, ... . As for <Would I rather have had 28 last month or 13 today? I think the answer is obvious.> Let me ask it a different, hyperbolic, way. Imagine you owned Microsoft 10 years ago, and you were confident of its potential. But IBM offered the then current stock price plus 50%. Is it a good deal? Your answer depends on how well you think Microsoft is likely to do by itself vs how it is going to do under Big Blue over your time horizon. If you were a day trader you would be ecstatic but if you were a long termer you would be suicidal. Or, yet another way. Imagine you owned a house outright (no mortgage) and it dropped in value 30%. Would you lose sleep at night? I would only if I were planning on selling this year to move to Florida. Clark PS Just for whatever it is worth, I would have excepted low to mid thirties as being about what I think its net present value is over my time horizon.