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CNN Live At Daybreak

American Investors and the Markets

Aired July 27, 2001 - 07:38   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: We move on to news about your money. In the next hour, the Commerce Department is going to be releasing the GDP figures. It is the latest snapshot on how much or how little the nation's economy is growing.

So we thought we'd seek some comfort. We sent CNN's Chris Huntington out to New York's Penn Station to talk to commuters to see if they're feeling stressed out, how much they've lost, how much they've gained in this wacky stock market -- Chris.

CHRIS HUNTINGTON, CNN CORRESPONDENT: Well, good morning, Carol, and indeed we're joined by a couple of commuters right here. I've got Al Beaver (ph) ...

AL BEAVER, ROSLYN, LONG ISLAND: Hi.

HUNTINGTON: ... from Roslyn, Long Island, and David Patterson (ph) from here in New York City.

And, Al, let's start with you. Obviously a tough time for the stock market lately, and we're going to here a little bit later on about how the economy did in the second quarter. How have you fared in the stock market?

BEAVER: Well, I would say that our portfolio has probably been down about 25 percent from its high.

HUNTINGTON: That's a -- that's a tough hit.

BEAVER: Well, it certain is, right.

HUNTINGTON: And are you holding on at these levels?

BEAVER: I think we are because where else is there to go.

HUNTINGTON: OK.

BEAVER: You really -- you really got to stick with it. A lot of it is retirement fund money and it's going to stay pretty much there until it bounces back.

HUNTINGTON: So you're hanging in there?

BEAVER: Yes, of course. HUNTINGTON: OK.

David, how about you, how have you fared in the last year or so?

DAVID PATTERSON, NEW YORK CITY: Well, like especially fourth quarter last year, I got torpedoed in, you know, my 401(k), but you know, it's not a checking account. You know waiting for it when I turn time for retirement and so I'm not particularly worried right now. I'm -- you know over the long haul, I'm sure it'll rebound.

HUNTINGTON: Can you chalk up your optimism or at least your steadfastness to any particular factor?

DAVID: Good coaching from my parents. Everything I know about investing I learned from my dad and he just kept telling me long haul, it's good -- long haul is good and it has been.

HUNTINGTON: OK.

Well, Carol, we've got a couple of folks here who are sticking with it and in for the long haul.

LIN: You bet. Thanks, Chris.

And everything I learned from investing I learned from my mom.

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