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To: stockman_scott who wrote (170285)	7/20/2002 2:37:58 PM
From: Sig	Respond to of 176387

>>>Hedge funds are very active, very aggressive in this market," says Laszlo Birinyi of Birinyi Associates Inc. Birinyi, who studies money flows, thinks hedge funds could account for as many as one out of four trades. "This is the crowd that has to figure out ways to make money in any market environment because investors demand it," says Bernard Schaeffer, president of Schaeffer's Investment Research Inc. in Cincinnati." >>> This is a big part of the markets problem today. Without incoming money from investors, wolves are eating wolves at the highest level. Like rats eating cheese ( the remaining and diminishing equities) the total market value is melting away merely because of all the trading. IMO there is a lot more consolidation to come in the broker/banking industry. When living in Calif. it seemed half the neighbors were, or had been, or worked for real estate brokers. Who could resist the concept of making 7% of $300k just for talking about houses? Then along came Century 21 , the big bad wolf, to garner all profits and displace the individual smaller realtors. Same thing will happen with small brokers. Altogether, I cannot see much market uppage until there is an increase of over 5% in incoming equity money flows, since it would require nearly that much just to cover fees. And I cannot conceive that people would increase their 401 k investments , nor that foreign countries would send funds over here until their is major increase of market confidence. Investors have to picture equities as a way to "make money", and the best way to do it would to have the markets reverse their present course. But the markets will not go up until the money comes in ! Stalemate .................. Sig

To: stockman_scott who wrote (170285)	7/20/2002 4:09:04 PM
From: OLDTRADER	Read Replies (2) \| Respond to of 176387

The hedge fund opertors/owners require profits as they make just the normal (mutual find type annual fee otherwise) .No profits-out of business.Way it should be-"Only MF's stay in business and do poorly year after year".401-K plans were of course invented by the tenaciously/greedy mutual fund industry and implemented by the avaracious lobbying politicians who have been paid-off with ---(drum roll) the investors own $$$$$ as they are by law allowed (guess who passed that law)to remove funds from your own fund --to pay politicians --too do their bidding.They wrote that law too!!!!