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To: Bearded One who wrote (93577)	2/15/2000 9:33:00 PM
From: Victor Lazlo	Respond to of 164684

two pieces of trivia- Margin debt is now at record levels, and short volume at very low levels. So: (a) margin is not being used to go short; and (b) margin is being used to either buy stocks long, or buy houses, furniture, cars or private school for the kids. In the 15 mos following the Oct 1987 mkt crash, the SP500 rose 25%. Yet in 14 of those 15 months, stock mutual funds experienced net cash withdrawals. (I think I have this roughly correct - from memory.) Victor