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To: Fred Fahmy who wrote (76090)	3/11/1999 9:13:00 AM
From: Mary Cluney	Respond to of 186894

Fred,>>>Many of these bears (and perm-bears) have large leveraged short positions (i.e. puts) which would yield tremendous returns if the market were "to crash next week" <<< There are a few savvy investors on the bear side who can make money regardless whether the market goes up or down and they choose to invest on the downside - but most of the others are just pessimistic and negative type people. Remember they have been bearish in the longest sustained bull market in this country's history. They have been swinging for the fences for several years and I suspect most of their way out of the money puts expire worthless. If you look carefully, most of these people, the smarter ones, have only their lunch money on these way out of the money puts. For the others, it is like they are rooting for people's babies who come down with the flu or whatever to die because they have a few dollars invested in funeral parlors. As for Bill Fleckenstein, he not only speaks for the bears and perma-bears but he's beginning to speak for all misanthropes who have an axe to grind - or vice versa. Regards, Mary