Hi Neil, Re: Purchasing Dept. out of practice.............
It's been so long since our Warehouse Purchasing Agents have had anything to do we had to hold a refresher course on placing orders. After a four year slumber they're starting to get calls from people selling various items that might be of interest.
I guess I can understand their fatigue. They'd worked a lot of overtime between 2000 and the end of 2002. Besides, there's not been much in the way of bargains for quite a while, so not much for them to do.
It's been interesting watching the various sectors. Some are holding up better than others, but all are now feeling some pressure from the first leaning domino - the Sub Prime goblin.
Re: your accountant friend............
I well remember getting a call from a fellow who was about 1 year from retirement when Black Monday, October 19th, 1987 arrived in the history books. He called to see if he should sell out of his retirement holdings. I told him to do nothing. He said he couldn't stand to do nothing and wanted to liquidate his large mutual fund position.
I suggested he sell only half of his positions - thereby only being "half wrong" no matter what happened in the following days, weeks and months. (sort of a semi-AIM move) I didn't hear back from him in the days that followed. The next summer (with the recovery almost complete) I saw him at a golf outing. He said, "Don't even ask! I sold out of everything."
He rarely ever spoke to me again afterward. I think the embarrassment of submitting to the demon of FEAR was greater than our previous friendship.
Best regards, Tom
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