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To: Lizzie Tudor who wrote (39559)	5/7/1999 4:58:00 PM
From: Bonnie Bear	Respond to of 86076

I'm a permabull on sws. I'll die with this one. I'm long famck, reits, utilities and corp bond closed-end funds. I used to like tech stocks and still have some appl bought at book value. I sold amtd and sch and ibm last year when they got too pricey. I can't imagine a bubble this big..it's mind-gobbling. I'm a graham and dodd type- I'll buy stuff below book value that has dog barf on it and hang on to it until it shows up on CNBC. From time to time I trade BSC, DLJ, JEF, ITG and BARZ. SWS owns part of NITE and has other less risky ways of profiting on volatility. All these stocks are moneychangers..they run anonymous share-exchange business, the stock market equivalent of the swiss bank account. They profit when lots of money has to find a new home fast, when hot money is desperately seeking a home, when illiquid securities need to change hands without detection. They will never be huge companies, they don't want to be seen, they trade between 0.8 book value to 3.0 book and from the short interest I see on them they must short each other when the market corrects. For me this works great because I don't sleep well with mo-mo and megacaps but I can sleep well with these things that hug the ground and don't move too fast. :-) they're not techs but "push stuff" for them ;-)