<THE HARRY JONES PORTFOLIO>

Down Year

By Harry Jones

(February 9, 1999) -- I've had years when yields were down 20% or more from the year before. In the early 1990s, the weather was so uncooperative that crop yields were down over 30%. Crops simply never grew or matured. They began to grow in April, but by July after bad weather it was obvious they would never be ready by fall. Only one in three could be harvested in the end. It didn't change anything much, though, over time.

Irv said that the S&P 500 is now down for the year. Today it fell 2.22% and this portfolio fell 2.24%. The S&P is down just over 1% for the year.


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02/09/99 Close

Stock Change Close SPY -2 25/32 121.53
Day Month Year History Annualized HARRY -2.24% -4.87% -4.77% -4.77% -1.08% S&P: -2.22% -4.96% -1.06% -1.06% -0.24% NASDAQ: -3.91% -7.79% 5.39% 5.39% 1.17% Rec'd # Security In At Now Change 1/4/99 16 S&P Depos 127.63 121.53 -4.77% Rec'd # Security In At Value Change 1/4/99 16 S&P Depos 2042.00 1944.50 -$97.50 CASH $0.00 TOTAL $1944.50 Yesterday Today Change S&P Depos 124.31 121.53 SPY -2 25/32

</THE HARRY JONES PORTFOLIO>

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