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To: No Mo Mo who wrote (41111)	11/27/2000 3:07:34 PM
From: LLCF	Read Replies (1) \| Respond to of 436258

<Well, someone made money as this market went up.> True, but with the turnover in the market it may very well be different folks than those who continue to put 401K money in the market... for the time being. What happends when they start switching allocation away from equities? There are plenty of folks with tons of cash [ala Larry Tiches of the world] who have NO intention of investing in equites for quite some time [price wise on S&P]. I think this "cash on the sidelines" is a myth. DAK

To: No Mo Mo who wrote (41111)	11/27/2000 3:09:01 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

judging from the way margin loans exploded during the blow-off in q4 '99 and q1 '00, concurrently with fund inflows, there's a whole lot of money that went to money heaven. the segment of investors making money on the way down is extremely small. so small as to be completely inconsequential, apart from providing the occasional one-day short covering rally. most of those dudes were killed on the way up anyway. admittedly there seems to be some cash building at mutual funds...that will enter the market at some point. my remark was anyway more an allusion to the fact that the whole world seemed to be positioned for a pre-election, and then a post-election rally, both of which didn't occur due to everybody going in ahead of them in anticipation. Ed Hyman's institutional investor survey showed for several weeks that institutions were at their most bullish, fully invested stance for over 6 years.