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To: Brian Malloy who wrote (23926)	6/24/1999 11:24:00 PM
From: musea	Respond to of 27012

Brian, For a long time I wondered why it was that hedge funds could do what they did and ordinary mutual funds could not affect the markets in the same way. Then I discovered that hedge funds were restricted to high-net-worth people (like $5 million) who could afford to live outside the protections provided for normal investors. The end result is that you have what amounts to a very wealthy, very aggressive individual investor who is not afraid to squander his wealth in the chase for ever-higher returns. This is a very dangerous combination as we have seen. Over the past few years, the market day has become a long prelude and 30 minutes of heart-stopping action. -musea