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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (95566)	4/19/2002 12:30:18 AM
From: John Pitera	Read Replies (1) of 132070

Michael, what's been truly amazing is that in 2001 after it was known that we were in a bear market, that is when the Wall Street firms asset allocation models moved to an even highest average percentage allocation to equities. In fact the highest in Wall Street History. Some firm's like MER have been more circumspect on aggressive equity exposure, but on balance the recommended stock allocation has hit record highs. It validates the very old saying that was even mentioned in Leferve's book "Reminiscences of a Stock Operator" that distribution in a bear market occurs on the way down. (Although we certainly saw plenty on the way up too! ) John

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