December 15, 2000. Thank Mr. Greenspan for the way the market has gone into a tailspin since the middle of March and has lost $3 trillion of market value.

Many of these issues, especially the hi-tech, dot-coms, and e-commerce have had the right to be taken out of the market due to no income and high valuation. I don't feel sorry for the investor who for whatever reason have listened to the so called analysts who will tout anything to make a sale when momentum has taken over.

Many of these analysts for whom the firms they have worked for caused harm to many investors because they knowingly presented biased information to their clients on issues in which they were underwriters or market makers.

I have always been a long term bull and continue to do so and still have a good quality of tech stocks.

Now it's a time to start investing on a defensive mode, so here are my picks for next year.

1. Great Atlantic Pacific & Tea (GAP) is a $10 billion revenue food chain. The dividend yields 6.2 % and its down, from a high of $29 in the past 12-months. GTAP trades at 8 times next year's earnings.

2.First Union (FTU) down from $65 last year yields 7.9 %. Earnings hit a speed bump this year but are expected to improve greatly next year.

3. Chase Manhattan (CMB) trades at 10 times earnings and was as high as $68 this year. Will come back and satisfy investors for the long term and sooner then most people think.

4. Motorola (MOT) is down from a high of $61. Motorola which expects earnings to grow 30% next year, trades at a P/E of 15 times next 2001's earnings.

5. Intel (INTC) which traded at $75 this year is way off their value to my estimation and is due for a quick upside next year. Intel is one of the 800 lb. gorillas that will stay that way for a long time to come.

6.Home Depot (HD). One of my favorite companies that have rewarded investors with terrific growth and will maintain that program. A wonderful management team that is one of the best in retail-and will get even better if that is possible.

7.Albertsons (ABS), a $37 billion grocer traded as high as $66 last year when earnings stumbled. ABS trades at 8 times next year's expected earnings of $2.60 a share.

8. Sherwin Williams (SHW), a $5 billion paint manufacturer trades at 9 times next year's earnings and last year traded as high as $34.

9. Newell (NWL), traded at $52 last year before merger costs with Rubber Maid decimated earnings. All those costs out of the way and NWL which should earn $2 next year and trades at 9.5 time earnings.

10.Wachovia (WB), one of the better banks that have a dividend yield of 5 %. Down from $99 last year, earnings are expected to improve at least 20 % in 2001 and it trades at 8.5 times next year's earnings.

Whether you have $10,000 to invest or $100,000, make sure you invest the same amount of money in each stock, unless you want to buy one stock and put all of it into the purchase which I do not recommend-it's a sure way of losing a great amount in the short term.

George