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Former hedge fund manager Andy Kessler (who also has a few good stories of block trader Robal Johnson from their PaineWebber days) recently called the current volatility a "yo-yo market" in a WSJ op-ed, blaming Washington meddling and uncertain policies. When does this yo-yo end?

This year: 5%
Next year: 40%
Two years: 55%

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Bernard L Madoff Investment Securities Client Party

STA of New York th Annual Dinner - April - • January 1, 2003

Bernard L Madoff Investment Securities Client Party

Robert Power, Nasdaq; Mike Baum, Garrett Allen, Bernard L. Madoff Investment Securities, both New York.

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