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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (95579)	4/22/2002 3:13:11 PM
From: John Pitera	Read Replies (1) of 132070

Hi Michael, by definition we would expect that the Wall street firms would have very high average equity allocations as we approach a bigger bear market that is most likely secular in nature. The achilles heel of the market is the large corporate debt levels which are really egregious in the worst performing sectors such as telecom. The need to service the debt creates the mandate to generate revenue even if it does not have a sensible margin on that incremental business. John

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