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To: Les H who wrote (44450)	3/30/2000 5:26:00 PM
From: Benkea	Read Replies (1) \| Respond to of 99985

Thursday March 30, 4:04 pm Eastern Time NYSE pre-closing imbalances for March 30 NEW YORK, March 30 (Reuters) - The following are imbalances reported by the New York Stock Exchange. KO 80400 SHARES IN EXCESS ON SELL SIDE AHP 76400 SHARES IN EXCESS ON SELL SIDE WMI 103500 SHARES IN EXCESS ON SELL SIDE BEL 63200 SHARES IN EXCESS ON SELL SIDE GE 71600 SHARES IN EXCESS ON SELL SIDE C 66700 SHARES IN EXCESS ON SELL SIDE ALL 62300 SHARES IN EXCESS ON SELL SIDE USB 113200 SHARES IN EXCESS ON SELL SIDE KR 70300 SHARES IN EXCESS ON SELL SIDE CMB 80000 SHARES IN EXCESS ON SELL SIDE ABT 55200 SHARES IN EXCESS ON SELL SIDE AIG 85800 SHARES IN EXCESS ON SELL SIDE AMR 51100 SHARES IN EXCESS ON SELL SIDE FLC 50800 SHARES IN EXCESS ON BUY SIDE WAG 90900 SHARES IN EXCESS ON BUY SIDE FBF 137900 SHARES IN EXCESS ON SELL SIDE WM 100200 SHARES IN EXCESS ON SELL SIDE SCH 91500 SHARES IN EXCESS ON SELL SIDE WMT 153800 SHARES IN EXCESS ON BUY SIDE DIS 53900 SHARES IN EXCESS ON SELL SIDE CBS 59800 SHARES IN EXCESS ON SELL SIDE NWL 70900 SHARES IN EXCESS ON SELL SIDE LU 130000 SHARES IN EXCESS ON SELL SIDE LLY 52600 SHARES IN EXCESS ON SELL SIDE MRK 53900 SHARES IN EXCESS ON SELL SIDE EMC 52700 SHARES IN EXCESS ON SELL SIDE MCD 111500 SHARES IN EXCESS ON BUY SIDE FNM 64700 SHARES IN EXCESS ON SELL SIDE KRB 82400 SHARES IN EXCESS ON SELL SIDE THC 52500 SHARES IN EXCESS ON SELL SIDE FDX 51300 SHARES IN EXCESS ON SELL SIDE BMY 91300 SHARES IN EXCESS ON SELL SIDE SGP 52400 SHARES IN EXCESS ON SELL SIDE PFE 121900 SHARES IN EXCESS ON SELL SIDE BLS 107100 SHARES IN EXCESS ON SELL SIDE WFC 168600 SHARES IN EXCESS ON SELL SIDE T 81500 SHARES IN EXCESS ON SELL SIDE MEL 65600 SHARES IN EXCESS ON SELL SIDE FTU 94100 SHARES IN EXCESS ON SELL SIDE BNI 161000 SHARES IN EXCESS ON SELL SIDE FON 61000 SHARES IN EXCESS ON SELL SIDE HD 111100 SHARES IN EXCESS ON BUY SIDE G 50100 SHARES IN EXCESS ON SELL SIDE ENE 78500 SHARES IN EXCESS ON SELL SIDE FSR 73700 SHARES IN EXCESS ON SELL SIDE GPS 88400 SHARES IN EXCESS ON BUY SIDE BA 115500 SHARES IN EXCESS ON SELL SIDE NCC 55300 SHARES IN EXCESS ON SELL SIDE AFS 53800 SHARES IN EXCESS ON SELL SIDE ONE 92500 SHARES IN EXCESS ON SELL SIDE BAC 149900 SHARES IN EXCESS ON SELL SIDE KO 80400 SHARES IN EXCESS ON SELL SIDE AHP 74500 SHARES IN EXCESS ON SELL SIDE LU 79500 SHARES IN EXCESS ON SELL SIDE LLY 52000 SHARES IN EXCESS ON SELL SIDE SGP 52400 SHARES IN EXCESS ON SELL SIDE T 71500 SHARES IN EXCESS ON SELL SIDE C 66700 SHARES IN EXCESS ON SELL SIDE AIG 80100 SHARES IN EXCESS ON SELL SIDE DIS 53900 SHARES IN EXCESS ON SELL SIDE WMT 53800 SHARES IN EXCESS ON BUY SIDE BAC 120900 SHARES IN EXCESS ON SELL SIDE GE 71600 SHARES IN EXCESS ON SELL SIDE BEL 63200 SHARES IN EXCESS ON SELL SIDE MCD 50500 SHARES IN EXCESS ON BUY SIDE WFC 66600 SHARES IN EXCESS ON SELL SIDE USB 73600 SHARES IN EXCESS ON SELL SIDE BMY 51300 SHARES IN EXCESS ON SELL SIDE MRK 58700 SHARES IN EXCESS ON SELL SIDE NCC 55300 SHARES IN EXCESS ON SELL SIDE FNM 64700 SHARES IN EXCESS ON SELL SIDE WMI 73500 SHARES IN EXCESS ON SELL SIDE CBS 59800 SHARES IN EXCESS ON SELL SIDE BNI 102000 SHARES IN EXCESS ON SELL SIDE CMB 80000 SHARES IN EXCESS ON SELL SIDE NWL 70900 SHARES IN EXCESS ON SELL SIDE FTU 84100 SHARES IN EXCESS ON SELL SIDE PFE 81900 SHARES IN EXCESS ON SELL SIDE G 50100 SHARES IN EXCESS ON SELL SIDE BA 54800 SHARES IN EXCESS ON SELL SIDE WM 50200 SHARES IN EXCESS ON SELL SIDE BLS 73100 SHARES IN EXCESS ON SELL SIDE KR 70300 SHARES IN EXCESS ON SELL SIDE FDX 51100 SHARES IN EXCESS ON SELL SIDE FBF 85900 SHARES IN EXCESS ON SELL SIDE THC 52500 SHARES IN EXCESS ON SELL SIDE ENE 78500 SHARES IN EXCESS ON SELL SIDE FON 56000 SHARES IN EXCESS ON SELL SIDE NCC 50300 SHARES IN EXCESS ON SELL SIDE KRB 82400 SHARES IN EXCESS ON SELL SIDE ONE 87500 SHARES IN EXCESS ON SELL SIDE FSR 73700 SHARES IN EXCESS ON SELL SIDE

To: Les H who wrote (44450)	3/30/2000 5:30:00 PM
From: Benkea	Read Replies (1) \| Respond to of 99985

biz.yahoo.com Thursday March 30, 4:13 pm Eastern Time TEXT-Tiger Management LLC's letter to investors NEW YORK, March 30 (Reuters) - Tiger Management LLC released the following letter on March 30 to its limited partners, announcing the closure of its funds: In May of 1980, Thorpe McKenzie and I started the Tiger funds with total capital of $8.8 million. Eighteen years later, the $8.8 million had grown to $21 billion, an increase of over 259,000%. Our compound rate of return to partners during this period after all fees was 31.7%. No one had a better record. Since August of 1998, the Tiger funds have stumbled badly and Tiger investors have voted strongly with their pocketbooks, understandably so. During that period, Tiger investors withdrew some $7.7 billion of funds. The result of the demise of value investing and investor withdrawals has been financial erosion, stressful to us all. And there is no real indication that a quick end is in sight. And what do I mean by, ``there is no quick end in sight?' What is ``end' the end of? ``End' is the end of the bear market in value stocks. It is the recognition that equities with cash-on-cash returns of 15 to 25%, regardless of their short-term market performance, are great investments. ``End' in this case means a beginning by investors overall to put aside momentum and potential short-term gain in highly speculative stocks to take the more assured, yet still historically high returns available in out-of-favor equities. There is a lot of talk now about the New Economy (meaning Internet, technology and telecom). Certainly the Internet is changing the world and the advances from biotechnology will be equally amazing. Technology and telecommunications bring us opportunities none of us have dreamed of. ``Avoid the Old Economy and invest in the New and forget about price,' proclaim the pundits. And in truth, that has been the way to invest over the last eighteen months. As you have heard me say on many occasions, the key to Tiger's success over the years has been a steady commitment to buying the best stocks and shorting the worst. In a rational environment, this strategy functions well. But in an irrational market, where earnings and price considerations take a back seat to mouse clicks and momentum, such logic, as we have learned, does not count for much. The current technology, Internet and telecom craze, fueled by the performance desires of investors, money managers and even financial buyers, is unwittingly creating a Ponzi pyramid destined for collapse. The tragedy is, however, that the only way to generate short-term performance in the current environment is to buy these stocks. That makes the process self-perpetuating until the pyramid eventually collapses under its own excess. I have great faith though that, ``this, too, will pass.' We have seen manic periods like this before and I remain confident that despite the current disfavor in which it is held, value investing remains the best course. There is just too much reward in certain mundane, Old Economy stocks to ignore. This is not the first time that value stocks have taken a licking. Many of the great value investors produced terrible returns from 1970 to 1975 and from 1980 to 1981 but then they came back in spades. The difficulty is predicting when this change will occur and in this regard I have no advantage. What I do know is that there is no point in subjecting our investors to risk in a market which I frankly do not understand. Consequently, after thorough consideration, I have decided to return all capital to our investors, effectively bringing down the curtain on the Tiger funds. We have already largely liquefied the portfolio and plan to return assets as outlined in the attached plan. No one wishes more than I that I had taken this course earlier. Regardless, it has been an enjoyable and rewarding 20 years. The triumphs have by no means been totally diminished by the recent setbacks. Since inception, an investment in Tiger has grown 85-fold net of fees; more than three time the average of the S&P 500 and five-and-a-half times that of the Morgan Stanley Capital International World Index. The best part by far has been the opportunity to work closely with a unique cadre of co-workers and investors. For every minute of it, the good times and the bad, the victories and the defeats, I speak for myself and a multitude of Tigers past and present who thank you from the bottom of our hearts.