dnicklaus: I'm pleased to introduce Joe Terril as the guest host of today's discussion. Joe founded his investment advisory firm, Terril & Co., in 1979 and now oversees $270 million worth of clients' money. He turned bearish on the stock market about a year and a half ago, and he remains so today. We have a lot of reader questions, so I'll let him plunge right into them. I'll contribute, too, so we can answer as many questions as possible.

terrilco: Thanks to everyone for joining the discussion. As time permits I will attempt to answer your personal questions.

Charlie: I invest with T. Rowe Price. Are Fidelity, TRowe, ING institutions that allow for smaller investors to invest have the potential for bankruptcy?

Joe Terril: They could go bankrupt...but your assets are protected. You are subject to market risk but not bankruptcy risk. Not to worry.

Jason W: As a younger investor (early 30's) someone told me that now is a good time to buy stock as I'll get more stock for the money and over the long run, the stocks will go up. I'm curious as to your rebuttal to this argument. Thanks in advance.

Joe Terril: Jason,
I don't like the premise. You must first find a good company. Who cares if you are able to buy more and more of an eventual Enron or Worldcom?? Concentrate on finding a good investment.

Concerned Wachovia Securites Employee: What do you think the futurs holds for Wachovia Securities in St. Louis, Do you think it will be bought out or sold?

Concerned Wachovia Securities Employee

Joe Terril: Very difficult question. The management at Wachovia is buying the common stock for their own accounts. This is a good sign. I think they keep the old AGE and retain ownership. They will need help from the housing market to accomplish though.