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To: NOW who wrote (116629)	8/10/2001 7:47:42 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Excellent read! The guy's merciless on Chambers. The beige book part was even more interesting, as was the point he makes about going into long bonds (yes, even now). The Bond Train is Leaving I keep repeating one theme: long term rates should go down in a recession. As it becomes clear to investors that this recession is going to be more than a one-month problem, I think we could see rates begin to drop, and perhaps rapidly. Long term rates dropping is one of the things that will spur the economy, as it is good for housing and business. The long term bond train has not left the station, but the conductor is calling, "All aboard." In conjunction with Don Peters, whom we represent, for the last few months, we have been slowly putting new bond timing clients into long term zero coupon bonds. We are no longer doing it gradually. New clients are going 100% immediately into long term zero coupon US Treasury bonds.