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To: Justa Werkenstiff who wrote (144597)	1/18/2002 9:21:04 AM
From: Les H	Read Replies (1) \| Respond to of 436258

trimtabs says outflows, amgdata says inflows trimtabs.com amgdata.com re: death spiral converts DESIGN PURPOSE OF STOCK MARKET TO DRAIN INDIVIDUALS OF CASH. The stock market was not designed to make individuals wealthy over time. Nor was it created to make brokers rich over time. The design purpose is to raise money for corporate investors. If that money is used wisely and productively then shareholders, brokers and company employees all become wealthier. When they don't, that cash is lost. Individuals, who usually invest going forward with their eyes on the rear view mirror, have lost money over the past two years and have stopped putting new cash to work. Once burned, twice shy. Yet the new offering calendar is going overtime raising cash for corporate America. If the market were about individuals, convertible bonds would be prohibited because they suck cash out of the checking account of stock market players in a very reduced risk form for the convertible buyers. As long as buyers can short the underlying stock, convertibles will be sold all the way down to the market's perdition.