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To: Jerome who wrote (60126)	7/2/2002 10:57:40 PM
From: Eric	Respond to of 77400

The cover story in this weeks Barrons A good read.... July 1st, 2002 After the Bubble A long, hard market lies ahead. How to find opportunity By JONATHAN R. LAING Jim Paulsen recalls the moment as part epiphany and part shock. It was in April when he realized that more time had elapsed without a new stock-market high than the 484 trading days it had taken the market to claw its way back from the 1987 crash. The realization only reinforced the view of the economist and chief investment officer of Wells Capital Management that something was drastically wrong with the powerful post-1982 bull market, which up until recently seemed to overcome all manner of obstacles in its upward ascent, from the "jobless recovery" of the early-'Nineties recession to the Russian ruble and Long-Term Capital Management crisis in the fall of 1998. "It dawned on me that just maybe the buy-and-hold mantra of today's generation of stock-market investors might at long last be destined for the ash can of history and that a solid stock-market recovery might not be just around the corner," Paulsen told Barron's. "In fact, the rules of the game seem to be changing in ways likely to shatter the expectations of millions of investors." online.wsj.com