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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (6826)	5/6/2001 1:55:50 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 57684

In 20/20 hindsight I wouldn't have. This fed cycle seemed like any other, and there really wasn't an inventory problem until orders stopped overnight. I was expecting to take a hit since I had decided to play long-term and ride out a cycle, though not expecting April's degree. That's why I said we learned the network effects first hand. Luckily I learned them on both sides of the cycle and am still financially better off for it. IMO, the best job was done at Lehman Brothers. They were integrating ongoing bond spreads inro their sectors' outlooks.