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To: John Pitera who wrote (38465)	5/4/1999 9:23:00 PM
From: Bonnie Bear	Read Replies (1) of 86076

I've been sticking to bond/utility/reit cefs because they don't have to take on bad junk to bulk up, and reinvest of the monthly dividend averages out the lumps. Franklin is my junkiest junk and it's senior notes from telecom and energy companies who have real assets and sales. Seems to me the folks like goldman, mer and mwd who have lots of tech junk bonds and open-end junk funds are gonna be in a world of hurt as the sales for these companies is never realized and the junk defaults. so imho if we are really headed into a yardeni-style meltdown the brokers will get their retail clients to move out of long bonds and zeros while they get themselves in. Rich folks off the titanic first. BWDIK?.

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