March 24, 2003

A bullish equity outlook accompanies the bearish bond outlook. In fact we believe that the economic recovery will lead to a rise in the real rates of return and that will lead to an inverse relationship between equity returns and fixed income returns. Our model puts the likelihood of the equities outperforming the fixed income component at 52% and rising to 68% by the end of the third quarter. The model anticipates the liberation of the double taxation of income.

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