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To: Kory who wrote (6643)	9/7/1998 7:43:00 PM
From: JCS	Respond to of 8002

"The only other issue you have to worry about is when you need to remove your money (for retirement). That is why you need a good retirement planning to smooth this out as well." This is not that big an issue either. It's the same scenario you described for investing over time except in the opposite direction. You end up pulling it out in monthly payments to yourself and the remaining funds keep working. Some of these withdrawals will be unfavorable but others hopefully will have continued to grow. There really is no defense as I see it against a prolonged bear market except lowering your standard of living or going back to work. I think that it's wishful thinking to believe that planning can provide a sure answer.

To: Kory who wrote (6643)	9/8/1998 1:56:00 AM
From: Skeeter Bug	Read Replies (1) \| Respond to of 8002

>>This is the beauty of long term buy and hold.<< tell that to nikkei 35k. 32.5k. 30k. 27.5k. 25k. 22.5k. 20k. 17.5k and 15k. >>I assume that the DOW will hit (at least) 10,000 sometime in the next few years.<< if you are correct, then you are right. there is a chance you aren't correct. there is a chance that we could see dow 3000-3500. the same chance that japan had when it was 40k. btw, assuming that somebody dollar cost averaged at equal points and equal dollars, the break even point for this person is dow 6160. at that point, all profits are given back to mr market. o, and that assumes that no stock is purchased on the way down. if it is bought on the way down then the said investor will be in the hole pretty big at dow 6150. btw, it is unrealistic that joe iunvestor put equal amounts of dough in throughout the bull. he must've put in more at the top to support the much, much higher levels. therefore, the leverage on the way down is BIG. after thinking through the 43% of gains since 1990 being lost - it does seem reasonable. looks like tomorrow we'll get a nice bounce, though.