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To: AllansAlias who wrote (45575)	7/14/2002 2:05:39 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 209892

Just to chart the price of an index which is sensitive to earnings inflation and unemployment rate is to simplistic IMHO. That would be right at a time that there were no pension funds, insurance companies issuing anuities and government debt issued as a result of less tax income. Today all those indicators are interlocked IMHO. For example low unemployment generates more buying power and more profit for corporation it also generates today more pension fund contribution and tax payment which has an impact on government debt and it's pricing which in turn affects the valuation of stock prices etc. Further inflation has a direct impact on interest rates and the pricing of stocks as an alternative investment. As such charting price only does not mean it reflects reality. In 1997 we had higher interest rates the world at large was more shaky than now (EEC & former Soviet Union, Mexico and Brazil) higher inflation and unemployment worldwide........... and much more optimists including Mr. Soros who lost big in EEC & former Soviet Union.

To: AllansAlias who wrote (45575)	7/14/2002 2:35:13 PM
From: Haim R. Branisteanu	Read Replies (2) \| Respond to of 209892

Message 17734576 ......... complicated ? may be but more reflecting the truth for the last 30 years or so further worth notice U.S. Insider Purchases Almost Triple After Share Prices Plunge By Steve Matthews New York, July 14 (Bloomberg) -- U.S. executives and directors purchased $3.72 billion of shares in their companies in the first half, almost triple a year earlier, as stock prices fell to five-year lows. quote.bloomberg.com