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To: Jacob Snyder who wrote (69158)	11/25/1998 4:09:00 PM
From: Mary Cluney	Respond to of 186894

Jacob, >>>The fact that the market is willing to price many stocks (especially big-cap growth stocks) far above their intrinsic value, doesn't mean I should hold them. <<< At least you are making excellent returns. There are a number of posters, on some of the other threads, who are laughing and patting each other on their backs, at the sutpidity of the herd for their willingness to pay for stocks far above what they know to be "fair intrinsic value". Some are still laughing, even though they ae losing money shorting these stocks. The more money they lose the harder they seem to laugh because they feel they are soooo much smarter than the herd - they 'know' what things are worth. The point is, a lot of these people pretend to wisdom or knowledge of eternal truths and that when they try to apply it in real life and when it fails - does not bother them at all. It is not because things are much more complex than they think it is - and that no one one really fully understand it all - but that someone else has failed them. But they continue to laugh at the stupidity of "herd" - it doesn't matter whether they are right are wrong. They are so much smarter than everyone else. Mary