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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: gruetz who wrote (12760)	7/24/2001 9:22:08 PM
From: Bill Fischofer	Read Replies (1) \| Respond to of 15615

Re: Redemption No, several former high-flying funds are simply imploding and will probably be dissolved. When a fund is dissolved it liquidates 100% of its holdings. There are hundreds of essentially copycat momentum funds which were created over the past few years which are all horrendously underwater with little chance of recovery. These names all piled into more or less the same names which is why as they are being liquidated the selling pressure on these issues is seemingly endless. I agree that there is more than simple redemption going on but I suspect that it is responsible for the majority of what we've been seeing over the past six months. Clearly the market still hasn't figured out the sea change which is occurring in telecom. When the dust clears the competitive landscape will be permanently altered from the old club system of yore. Those still banking on a return to the old leadership will be disappointed even as telecom becomes even more central to the 21st century economy than it was to the 20th.