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To: Bill Harmond who wrote (22278)	10/19/1998 7:22:00 PM
From: OtherChap	Read Replies (2) \| Respond to of 164684

>>buy and holds just had the gentlest bear market possible. many big names virtually unharmed, and the duration was very short. > >Huh? William, let me put it simply. Anyone investing in any of the sky-high P/E companies (yhoo, amzn, inkt, dell, csco, etc) could have gone on a 1 month vacation and returned to find their stocks trading at virtually the same price or higher than the beginning of that vacation. (we're assuming that vacation started around august and ended around september, the "heart" of the correction) In other words, people have been able to "flee" to these overpriced companies and their stock, and avoid nearly any pain at all. Until these companies come down to reality, and there are no "safe havens", then there has not been a true correction in my opinion. With companies such as yahoo trading at around 300 P/E and Amazon trading at negative infinity P/E, you cannot argue that these stocks have experienced anything but a short blip of panic that was quickly jumped on by the "buy any dip" crowd.

To: Bill Harmond who wrote (22278)	10/19/1998 8:08:00 PM
From: Randy Ellingson	Read Replies (3) \| Respond to of 164684

[OT] "This was a cyclical bear market, I'll grant you that, but it was very damaging, and lasted more than a year. The average Nasdaq stock was cut in half. Even the best stocks were cut by 25% or more." I'm no expert, so I'm asking -- by what measure did the bear market last more than a year when the markets were at their highs in May and again as recently as July? Is the point that the large-cap indexes were unrepresentative of the overall market, and that the bear market actually began before the large-cap indices began their substantial slide circa July? Your point is certainly right about the 'damage' (which is less damaging if one isn't forced to sell). My impression of many large caps escaping significant drops during the market slide was formed by names like INTC, WLA, XON, etc. But also from the fact that indeed many of these large cap stocks were still up for the calendar year. I see that I've chosen stocks which were relative exceptions to the post-July drop. Hopefully the average investor had some of these to ease the pain. I know even these stocks were hit at the worst point, but the recovery was fairly quick. Now let's see if the market can stick to this recovery track. :-) BTW, I really appreciate the posts by you and many others on this board. E.g., Glenn's posts make him a great "cementhead" adversary for you.;-) I had to quote that... Randy