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To: dougjn who wrote (15990)	10/5/1998 11:45:00 AM
From: Valueman	Respond to of 152472

I have no idea what happens from here. I believe it only wishful thinking that any of us have a clue as to what happens next. From where I stand, things are looking up. Japan is slooooooowly taking the right steps. Russia has disappeared off the radar screens. The latest worry, hedge fund disaster, seems to be a bunch of BS, except in the case of LTCM. So, all I can do is look at individual companies, put a value on them, and try to buy them below that intrinsic value. That was difficult in 96-97, as well as early 98. That is easy to do now. The market may fall further, and it may not. Who knows? The problem with being a chicken little is that every rally is a "bear trap" or a "sucker rally." When do you get back in? Does the market really try and discount 6 months into the future? If so, when do things look better 6 months distant? Is that now? Is that in 2 months? I don't know, and neither does anyone else. Selective purchases seem prudent.