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To: PnclNk who wrote (4038)	10/9/1998 10:12:00 PM
From: Grommit	Respond to of 14427

OT - My worthless opinion.... I am not a natural shorter (I will short to hedge, but not as a lone bet) and have trouble with the idea that a stock is compelled to go down just because it is irrationally priced. If it is owned by clowns who do not understand that fact, it will not go down. However, I am comfortable with the opposite side of the equation. If something is undervalued, eventually things will sort themselves out. It is like A.G. said a month or so ago -- he did not say that the market was overvalued but he said that earnings have a way to go to catch up to valuations. So investors could own DELL now and hold it for 2 years at present prices levels (say it languishes for 2 years) then it is not overvalued anymore. See? Nothing forcing it down. Unless some get frustrated with zero gains. Anyway I am babbling. Any comments. PS -- There may be a recession coming, and the odds are building, but there are also beginning to be indicators of easing of the world wide problems. South Korea seems to be on the road to easing it's credit crunch and bank problems according to a Wall St Journal article today. And I think the U.S. would pull a LTC on Brazil to save latin america. I think shorting today is a better bet than longing, but in the short run, the dice can fall anywhichway. You folks have strong stomachs evidently. My problem is that when my wonderful long stock is down, I can rest assured on the fundamentals. But when my short is up, I wonder when the clowns will wake up, and I have doubts that they ever will. best intentions - excuse the rambling, grommit