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To: ild who wrote (226067)	3/6/2003 9:06:50 PM
From: ild	Read Replies (3) \| Respond to of 436258

Flows: Mar 5 Independent Data on Fund Flows & Holdings Equity Funds report net cash outflows of $3.7 Billion for the week ended 3/5/03 - with 62% coming from non-domestic sectors; International Equity funds report redemptions from all developed and emerging regions ($1.9 Billion); Taxable Bond inflows total $3.7 Billion with 60% going to High Yield and Investment Grade Corporate Bond Funds and 27% to Government Bond Funds enhanced with mortgage-backed securities; International & Global Debt Funds report inflows for the 12th consecutive week; Money Market funds report outflows overall ($6.4 Billion) while Tax-Exempt Money Market Funds report inflows of $1.8 Billion; Municipal Bond inflows of $492 million are the largest since 10/2/02. amgdata.com

To: ild who wrote (226067)	3/7/2003 8:39:46 AM
From: reaper	Read Replies (2) \| Respond to of 436258

well, it depends what you call "real". i mean, its not like the upside that is being garned by P&G, J&J, 3M, or even Intel isn't 'real'. its just that it is non-repeatable (unless of course you think the Euro is going to go up ANOTHER 10% NEXT year (which of course it may)). the larger point is that you have to put companies' earnings in the context of the currency shifts; i.e. for anybody thinking that Intel, with flat yr-yr revenue, is doing OK (i.e. 'scraping along the bottom' or whatever euphamism you would card to use) that is simply not true; on an apples to apples basis business is still getting WORSE. now, i'm sure KT or Joan could help you out with some CEFs that would benefit from the dollar depreciation; i have sadly missed out entirely on that play. Cheers