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To: bill meehan who wrote (16440)	1/20/1999 3:25:00 PM
From: Ilaine	Respond to of 86076

>>>>>We just had a bear market that lasted only months.<<<<< If you are talking about July-October, 1998, I would venture to say that most who post to this thread did not consider what we just had a "bear market." I realise that there are differing opinions on this. >>>>>As to why one would want to buy an asset at 50 rather than 90 or 100 appears to be self evident.<<<<< Not so self-evident. You were advising investors to "wait for the inevitable decline." Your assumption seems to be that once the decline happens, it will reverse itself. My point is that once the decline happens, it may continue. So it is possible to spend 90 or 100 today, and sell in a few months for 110. It is also possible to buy later at 50, and watch it go to 40, or even 30. Your general assumption seems to be just a version of "buying the dips." But, if there really is a crash, it could last for years.