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

To: Knighty Tin who wrote (98203)	2/23/2003 12:38:07 PM
From: Joan Osland Graffius	Read Replies (3) \| Respond to of 132070

Some thoughts on the US markets this morning. It looks to me like liquidity is drying up in the US stock markets. We are seeing the PE's of companies trade lower on some stocks. ADM for example has continued to be sold off as we move forward in time. The stock has traded at a high PE relative to historical standards and it looks like this is changing. It will be interesting if volume improves as people want to get on board for the war rally. If volume does not improve that could be telling us a lot about our markets going forward. I have read a few articles on public pension plans where they are replacing management of the funds and that hedge funds are getting business from management. If we have a number of hedge funds with a fair amount of money from these public pension funds to manage this market should take on some different characteristics as these folks generally leverage paper assets for home runs. Anyone have any ideas what this could do to our markets and how should individuals survive in a leveraged dog eat dog environment?