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Politics : Ask Michael Burke
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To: Tommaso who wrote (88692)1/20/2001 5:31:14 PM
From: Tommaso  Read Replies (1) of 132070
 
Turns out my thinking isn't unique <G>:

siliconinvestor.com

"Billions of dollars flowed back into stocks in December when Fidelity's Magellan Fund, the
world's largest mutual fund with $93.07 billion in assets, cut its cash holding from 8.9 percent
to 4.2 percent. Fidelity disclosed the move this week."

That would be $4 billion. That seems like a terrifically bearish piece of news. The buying power is now gone since 4.2% is the minimum needed to meet possible redemptions.

And given the herd mentality of fund managers, it's easy to see what is holding the markets up.
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