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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (4913)	8/31/1998 7:57:00 PM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78576

James, >It was the beginning of the doomsday scenario - > massive mutual fund redemptions. Did anybody >happen to notice when the market went into free fall >on no news? About 2:30. >That is about the time people call Fidelity and >Vanguard to make sure they get today's price and > not tomorrow's. I wouldn't be so sure. It might have been the fund managers who wanted to get "today's price and not tomorrow's" on all equities. I wouldn't try to predict what happens from here. With due respect, your opinion, mine and those of dozen Wall Street "experts" are not worth the electrons used to write them. I know one thing: I'll buy when my targets are reached and stop buying when I'm out of cash. After that, I'll go on vacation. :-))) Or, actually, I'll go to work to get more cash. For me, it may be investor's dream come true: a bear market just when I graduate and get a job allowing to make larger contributions to my portfolio. We'll see... ;-) I stand by my reevaluation points on Buffett stocks. I would even add BRK to the list. This is definitely time to wait for quality and buy quality because it's being hit as hard as everything else. Good luck Jurgis

To: James Clarke who wrote (4913)	8/31/1998 7:58:00 PM
From: Wright Sullivan	Respond to of 78576

James- I know you sold your St. Joe, but would you mind revisiting it for a moment? St. Joe is sagging near 20, which is about where it was when Rummell took over. If it was a good value then, what is different now? Is it that the "undiscovered asset+catalyst" story has played out and isn't likely to repeat? Seems to me that we are pretty darned close to where we were a year and a half ago, both with St. Joe and the market. St. Joe is a long term asset play, but that has not changed, either. The only new negative I see is that investors who subscribed to the offering at $34 are feeling pretty lousy about St. Joe right now. So the pool of interested investors may be smaller today. I see St. Joe as a good way to acquire good value and add real estate balance to a stock-heavy portfolio. With your knowledge of real estate investing in general and St. Joe in particular, I'd be interested in your current take. Thanks, Wright

To: James Clarke who wrote (4913)	8/31/1998 7:58:00 PM
From: Paul Senior	Respond to of 78576

Thanks Jim. Seems to confirm what's happened to my orders. My bid prices were hit mostly late in day. It does seem that Mr. Market is saying, "Take me (Mr. Market) out at any price. I've had enough". -g-. Accomodating guy that I am, I will try -gg-. I am suspicious that most investors who say they are in it for the long term, will stay invested. I -- with all my years of experience and expertise -ggg-, I am having trouble too. And I agree, it doesn't make any difference about catalysts or no catalysts, reason or no reason -- when people want out, they want OUT. Been there and done that myself. Lousy way to invest.......but maybe an okay way to preserve capital and sanity. Paul

To: James Clarke who wrote (4913)	8/31/1998 8:30:00 PM
From: Stewart Whitman	Respond to of 78576

Jim, Isn't institutional trading starting at 2:30pm/3:00pm the norm? Maybe you can tell me if that is true. It's always worked for me - get the best price of the day at about 3:30pm, when the institutions have finished selling, and before they start to buy. Doesn't seem to be anything in particular about today. Tell the truth you institutional guys - we know you don't even get into work before 1pm :) If I was to try and put todays action in perspective, I say that the little guy to a some extent buys the Blue Chips (or sells lightly - Dow only about a percent down), takes profit/sells the more speculative stocks on the Nasdaq. The institutions come in at 2:30pm and sell absolutely everything. If you really want to be scared, look at the pre-closing imbalances: biz.yahoo.com Stew