April 03, 2001

It is always darkest before dawn. It seems to us that the U. S. financial markets are in a similar situation. The first quarter numbers are quite discouraging. Almost all the equity indices declined during the first quarter. The big question is whether the market turbulence and down draft is near its nadir or whether it will continue one more quarter. We are quite fond of saying that the policy mix determines the economic environment and market direction.

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