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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (97799)	11/19/2002 1:13:26 PM
From: ild	Read Replies (1) \| Respond to of 132070

<<<Japan is getting cheaper these days. >>> But Japanese CEFs are not trading at a good discount. JOF trades at a premium and JEQ at a small discount. nomura.com daiwast.com

To: Joan Osland Graffius who wrote (97799)	11/21/2002 9:40:26 PM
From: Knighty Tin	Respond to of 132070

Joan, I have to laugh whenever I receive a note stating "Congratulations, you have earned 3 1/2 days of boring, sleepless time at the training center in Hartford." Surprisingly enough, putting lipstick on the pig isn't even in the curriculum. <g> Outside management meets all of a brokerage firms needs. It is a flat fee that you can count on when you make budget projections. The broker can dump the client there and then call them once a year to see if they've gotten any new money in. And the outside managers can be counted on to heel to their various benchmarks. (If they don't, they get kicked out of this big money program for "style drift." <NG>, Though the silly term makes me <G>). The lucky client receives index performance less some high fees. In all honesty, if the market is going to go up by double digit percentages every year, it is not the worst thing that can happen to most clients. But, if the market goes up 7% or less per year over 5 to 10 years, those fees look awfully ugly. Sometimes I think Jimmy just picks stuff to be weird. <g> I like Austria, too, but I'm not buying an undiscounted index. CEFs have spoiled me. Japan looks like a big bargain, especially JOF.