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  You (Jim Shepherd) are
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Mike Z. Brenan,
retired Morgan
Stanley Dean Witter
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Jim Shepherd, Founder

the Dow could easily drop to the 5,000 or 6,000 range.

James Shepherd, editor of the Shepherd Investment Strategist in La Jolla, worries that the current level of trading -- which has been approaching 2 billion shares per day -- may begin snowballing as investors start to panic. If the current exodus of investors turns into a stampede, he fears that there could be a dramatic crash in the market.
Shepherd, who pulled his money out of the market not long before its high-water mark in 2000, said that by historical standards, the Dow could easily drop to the 5,000 or 6,000 range.

The San Diego Union-Tribune
January 1, 2003