Hi J, you wrote:If you recall, the talk around the peak was how great everything was. I was simply answering your question as to where O'Higgins was at the peak of things. In 1998 he wrote "Beating the Dow with Bonds" which recommended getting out of equities and into bonds. That was in 1998, 2 years after Mr. Greenspan's "Irrational Exhuberance" comment and two years before everthing topped out. I would say that O'Higgins was one person who had it right. Bernie