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To: Amy J who wrote (143955)	9/23/2001 2:20:03 AM
From: Eric K.	Read Replies (1) \| Respond to of 186894

Amy-- Re: smart money is holding Why are mutual funds considered "smart money?" Calling the runners of mutual funds, university endowments, pension funds, etc.-- who have been shown by essentially every study conducted on them to consistently underperform the market as represented by the S&P500 or the Wilshire 5000-- "smart money" has always seemed to me an egregious, self-serving misnomer. -Eric

To: Amy J who wrote (143955)	9/23/2001 2:41:52 AM
From: Ibexx	Read Replies (1) \| Respond to of 186894

Hi Amy, From the information I could gather, the big boyz were selling on Monday when the market resumed trading, but gradually shifted toward buying as the valuation became attractive. On the contrary, small investors tried to be patriotic on Monday, but gradually gave way to fears. Bless his/her heart. I have been tracking the following via a subscription service (1) Block buys/sells vs total (2) institutional money flow vs retail flow on major NDX components and some DOW components excluding aviation, insurance and travel related sectors. The picture that emerged strongly supports what you quoted from that "one brokerage firm". Regards, Ibexx >