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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Cynic 2005 who wrote (31925)	8/31/1998 2:08:00 PM
From: Joseph G.	Read Replies (2) \| Respond to of 132070

Even Buffett lost 25% of his reputation -g- quote.yahoo.com

To: Cynic 2005 who wrote (31925)	8/31/1998 5:44:00 PM
From: Knighty Tin	Respond to of 132070

MMV, You got the saying wrong. Drug stocks are not safe havens. Drugs are what you take in safe houses if you were bullish going into this mess. <G> As I've long said, quality defensive stocks are only truly defensive if they are reasonably priced. Thus my long puts on the DRG. Drug cos. are safe havens as they make stuff that is first in, last out of every budget. You know the scenario: "Do I buy a new pooper scooper for my dog of a computer or do I refill my prescription for the drug that keeps me from immediately dying of a heart attack? I have limited funds. Tough decision." <G> But the stocks have to fall somewhere within reality on a dividend discount model to make this tendency work for investors. Currently they are about 50-80% overpriced vs. their economic value. MB