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To: H James Morris who wrote (50778)	4/16/1999 11:28:00 AM
From: John Donahoe	Read Replies (1) \| Respond to of 164684

RE: Do you think a value investor would be hedging the "Thing"? If by hedging you mean opening and closing boxes, then yes. Based on the value investor's traditional "understanding" of how the economy/stockmarket functions he will perceive economic "reality" as a mania or giant bubble. The value investor, due to fear, can only hedge and day trade (play the casino). He has weak hands and has a tendency to cut his profits short instead of letting them run. However, if you have a talent for daytrading, you may be able to do well. But it has nothing to do with value, it's a timing thing. A good read on trading is: "Reminiscences of a Stock Operator." First published in 1923. Author is Edwin Lefevre which is believed to be a pen name of Jesse Livermore the famous stock trader. In any event the book is dedicated to Jesse.