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Strategies & Market Trends : Joe Stocks Trader Talk

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To: Joe Stocks who started this subject	2/23/2002 9:47:44 AM
From: Joe Stocks	of 787

Possible reason for some of the selling. This from Doug Noland's commentary. >>Also from today’s (FRIDAY) Wall Street Journal: “Two hedge funds run by prominent money manager Kenneth Lipper were forced to slash the value of their portfolios by about $315 million, following heavy losses in the convertible-bond market. The losses, representing a decline of as much as 40% in one of the funds since the end of November, sparked selling in both the stock and bond markets Thursday as investors worried that Mr. Lipper would be forced to dump investments to raise money…The firm said it was forced to slash the value of its holdings after concluding that the value of its securities had tumbled and wouldn’t recover anytime soon. That problem was made worse by the fact that the firm focused on riskier and relatively illiquid securities that were difficult to price accurately...”

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