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To: Art Bechhoefer who wrote (31838)	6/6/1999 10:43:00 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 152472

on BONDS and DESSAUER and MUTUAL FUNDS CONTRARY methinks bond yields have peaked and may not pierce 6%... May jobs report underscores point I made fortnight ago about HACK STATISTICIANS amok in fed govt... quote from Abelson in Bearons (an entertaining but smart kook) "suspicions that the jobs numbers were so inflicted by revisions -- for benchmarks, for SEASONAL ADJUSTMENTS, for arithmetic errors, for virtually every sin committable by statistical man -- that THEY WEREN'T WORTH DIDDLY SQUAT" I cannot believe the bond market trades off fed economic data... the quality of their work is worse than journal research out of community colleges it is downhill from here on interest rates... wrong seasonality multipliers will work now for rest of summer to distort econ data into showing a slowing economy... likely to be rationalized as higher rates doing their job... what a joke since rates take at least two quarters to DO THEIR JOB Dessauer is great at spotting general market corrections that are imminent... subscribed for three years, lapsed while back... but guy is so so so biased on his stock picks as result of personal relationships with CEO's... he did win Rukyser panel 1997 "pick 10 stocks" contest... he is utterly outstanding at calling an imminent 5-9% Dow or S&P correction... seen it many times Mutual fund inflow has been one of my recent years contrary indicators... now showing slowdown into stocks... so downdraft is over... mutual owners were BIG sellers at very end of Oct97 Asian selloff, and BIG sellers at end of Aug98 selloff... they are naive retail as for respect from Bearons, who cares? ... they will run a cover article by 2005, then we all get out / Jim Willie