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To: ild who wrote (232016)	3/28/2003 4:21:07 PM
From: Joan Osland Graffius	Respond to of 436258

ild, What the heck is this guy talking about weakness in Jewelry. I do not have the URL, but read when the price came down from $380 plus to current prices Asia and especially India were back in the Jewelry market.

To: ild who wrote (232016)	3/29/2003 9:57:31 PM
From: ild	Read Replies (2) \| Respond to of 436258

contraryinvestor.com April 2003 ... According to ICI (investment Company Institute) data released late last week, cash as a percentage of total assets in domestic equity mutual funds ended February at 4.15%. As you can see in the chart, there is only one other month during the last quarter century at least where cash in equity funds was this low. And, of course, that month was March of 2000. If this isn't a perceptual vote of confidence regarding a very favorable price outcome for the equity market directly ahead by these fund managers, we simply do not know what is. In fact, it appears to us that this nearly fully invested position is a de facto assumption by the equity mutual fund complex that the significant redemptions from these funds experienced over the last seven to eight months has come to an abrupt end. For indeed if that is not the case, these managers will surely be forced to sell. Not only are equity fund managers betting on a favorable stock market outcome, but also on a change of sentiment and direct action on the part of current equity mutual fund owners. Can the implied perceptual bet be any more clear?