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To: SliderOnTheBlack who wrote (28291)	8/25/1998 6:06:00 PM
From: Gottfried	Read Replies (2) \| Respond to of 95453

Slider, I didn't bet the farm but bought some IO at 9 1/4 today. They still expect positive earnings in the coming quarter and the price is near book. GM

To: SliderOnTheBlack who wrote (28291)	8/27/1998 4:42:00 AM
From: SliderOnTheBlack	Respond to of 95453

Input Output/IO ....& playing the ''bounce''... Wheww; I will humbly say that this was the last time I load up the truck & bet the farm on a major trade here. IO bounced rather well from my entry point of $9 1/16 to an exit @ $11 1/16. If I said it was fun; I'd be lying.... after todays decimation again - the rules seem to have been thrown out the door. We must have every fund in America doing end of the month dumping. Some smaller caps whose earnings and performance have been outstanding, they are low/no debt and very sound financially, have huge backlogs and are secured in the deepwater niches have been brutalized; when absolute top quality stocks like DRQ, CDIS, SCSWF, CXIPY and IO ( luckily rebounding today) sell off like they have today - it is total capitulation by the funds. However - not unlike the prior major selloffs we've had, it seems to be another ''bottom'' - but currently - who knows ? If we do not see a major rebound here with strong fund buying - all bets are off... These are absolutely ridiculous price levels. It may take untill next tuesday - the first of the month before we see funds step back in; but if they don't - then the oil patch is the leper/parriah of the financial world - and we have a long, long road to recovery. If FLC at 10 Buck$ doesn't ring anyones bell - I give up. I'll simply throw this shit in a drawer and check back in a few years... I severely underestimated the strength of value investing by the Institutions/Funds. Small caps are death & Oils are sub-death.... The only light remaining is - how can demand or sentiment for this sector get any worse ? We have a few companies that will grow earnings 30-40% from '98-'99, are debt free, high tech, deep water and are selling at PE's of 6-9... but the general public and the funds are still falling all over themselves buying the DOW stocks at 20-30-40 times earnings that are growing at 8-10-12 % .... go figure ? It doesn't much matter how sterling the performance is; or how great the potential is - if no one is willing to buy... The next 5 days are crucial here. If we do not get a substantial bounce; I'm done - will simply keep 6-10 stocks here - throw them in the drawer and forget about them; and literally will not even check their price more than once a month - and won't even follow the sector any longer... to much effort ... might check back in a year. I think the financial world has lost its mind...value is no longer in the equation; we are in a pure momenteum, nifty 50 - mega cap world...I don't see any percentage in fighting it any longer. Happy to have ''escaped'' with a little bundle on IO in a quick couple day trade - but this may have been the last trade of this type I do here; if we don't see another 2-3-4 million share day in the OSX majors with $2-3 gains - it's over... and I mean OVER - done, finished, dead, decimated, crushed, below dirt ... I just made 20% plus on an 2 day trade in IO; major money - but I'm sick; everything I firmly believe is valueless. I honestly believe that all the research in the world, analysis of earnings growth, financial/balance sheet strength of the company is irrelevant, EPS growth & PE's are irrelevant, technologies are irrelevant, insider buys, analyst recommendations are all irrelevant - if it aint a DOW nifty 50 stock or Dell, Cisco, Microsoft or Lucent - why F&#(#$()*& own it ? It aint about investing any longer - it's about folllowing the leader, pure lemming momenteumism... the blind leading the blind. Intelligence or analysis - not needed. Jump on the next Internet IPO - hand the WSJ, IBD or Barons to your kid - ask him to tell you the names of companies he recognizes - and buy them....Coke, Wal Mart, Microsoft, GE, Ford....