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To: Ilaine who wrote (25)	3/20/2001 12:28:31 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 443

CB - I am struggling to find a way to express my question, so please forgive me if what I am asking isn't exactly coherent. It is a fact that presently the total market cap of companies traded on United States stock exchanges is 6 or 7 trillion dollars less than it was at the peak last year. Are you saying that all of those dollars, which formerly belonged to someone, are presently in someone else's possession? Yes. Ignore my comment about money supply as it's a side issue. Your original question seems to make the valid point that capitalization changes may not be objectively real, but merely represent opportunities for one investor/trader to make bets with another. If a stock I own is at $10 in the morning and is still $10 at the close, the fact that it may have traded hands at $100 at noontime is interesting if true, but of no great consequence. Regards, Don