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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (91530)	7/29/2001 10:36:32 AM
From: Tommaso	Read Replies (1) of 132070

There's another story on the QQQs in todays NY Times financial section. Again, some fund manager at Merrill Lynch talks about "putting idle money to work" (or something like that)in QQQ because "They are so liquid we can buy and sell big blocks without moving th market." Maybe I can find the actual story: James McCall, the manager of the Merrill Lynch (news/quote) Focus Twenty fund, said that when he sells a stock held by his fund, highly concentrated in technology, he puts the proceeds to work in the Q. "It's very liquid so you can buy and sell large blocks without moving the market," he said. nytimes.com And here's a link to the Business Week article that says mutual fund managers are parking redemption-cash balances there; unfortunately this is a pay-to-see article: businessweek.com This use of QQQ is somewhat analogous to risky banking practices of the nineteenth century.

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