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Politics : Ask Michael Burke

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To: Earlie who wrote (77113)	3/7/2000 10:56:00 PM
From: BGR	Read Replies (3) of 132070

Earlie, Market tops because foreigners are buying? Is that TA talk that I hear from a fundamentalist!? Ho ho ho! Grasping at straws, are you? :-) I am glad to hear that you accept that foreigners are buying US equity in droves, changing your position on this topic. Unfortunately, though, you didn't think hard enough. Rising rates evidently are not sucking dough out of this market. You only need to check the mutual fund inflows to confirm that. Growth funds are getting all the dough, while bond funds are seeing net outflows. As for profit margins, only funds with huge capital investments funded by debt will be squeezed. Guess what, the NASDAQ remains pretty much insulated. No wonder that's where all the action is! And that ties in nicely with the fact that NASDAQ-centered aggressive growth funds are getting all the money. Still in doubt that the market is rational? BTW, you quoted me saying something about "Summers stupidity". I never said anything resembling that quotation. Please retract and do not put words in my mouth in future. -BGR.

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