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On investment front am in same position of not liking US equities but unsure
of when the momentum might actually run out. Aside from Asia, we've been in
very short term corporate funds until early last week when we felt that
rates had bottomed and equities might be topping. We performed a massive
shift into long treasury funds looking for significant capital gains and to
lock in (relatively) high rates in event of a major market decline which
should drive rates to new lows. When rates are stable, we lean toward
intermediate/long blended funds, when rates are rising we like to hold short
term corporates for the higher yield, and when rates are declining we prefer
long treasuries for capital gains. The big problem with corporates,
municipals, mortgage backed and other such issues in environment of
declining rates is that the issuers begin issuing fresh paper carrying lower
rates and calling in the old.
Earl
-----Original Message-----
From: Proffittak@xxxxxxx <Proffittak@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Monday, April 12, 1999 5:34 AM
Subject: Re: Managed Money Update
>i put ALL i made last year in tax free indvidual municipal bonds
>20% WITH MATURITY6 MONTH
>20 mature 1 year
>20 in 18 month
>20 in 24 month
>20 in 30 month
>at your tax barcket 5% is 7%taxable
>this is mainly because i do not like the market here
>technically and foundomantly
>regards
>Ben
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