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To: sammaster who wrote (174502)	6/21/2002 6:52:49 PM
From: yard_man	Respond to of 436258

been one of the attractions to shorting the retailers all along, IMO. But have to look company-by-company to see how much of their stuff they get overseas and if they hdege and so forth ... I think the multi-national angle doesn't hold much water either. Most of these large companies are sophisticated enough to hedge currencies -- more important is the overall level of economic activity and energy prices -- in that order, IMO.