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To: Tommaso who wrote (203788)	11/10/2002 5:23:26 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Tommaso, I think it will be a long time before Tice has to worry about finding stocks to short or put. We have just got started with cleaning up this mess. I would agree with index levels that are reasonable relative to honest balance sheets. We have so many scandals left in this market. Wait until the Mutual Fund Industry scandals hit the papers, off balance sheet debt starts to get admitted, we have not had a good reaming with pension funds, someone pointed out to me the problems in the life insurance industry, with skittish markets derivatives blow up have to give somewhere, etc. There are a ton of folks riding this market down and we have not seen a capitulation. In 2000 a ton of folks sat down with their brokers and put together a 5 year plan and they are not opening their monthly/quarterly statements. I stopped in at Merrill Lynch last week and the folks said most of the clients are on strategic plans - you know what that is - rearrange the deck every quarter depending on allocations - they are allocating themselves into the poor house, Sorry for the rant.