[IP] Not-So-Hidden Agenda: -- though provoking report

[Dave Farber <dave@farber.net>]

Also Barry sent the following item on email address use:

"Of course:  We have a strict privacy policy regarding email addresses:
They will not be shared, sold or used in any other capacity other than to
mail out the report.

All of my office emails include a paragraph about subscribing to our
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------ Forwarded Message
From: Barry Ritholtz <ritholtz@optonline.net>
Date: Thu, 20 Mar 2003 06:30:08 -0500
To: dave@farber.net
Cc: MarketCommentary@maximgrp.com
Subject: Not-So-Hidden Agenda:

Hi Dave,

I  previously mentioned my office was developing a research report
regarding
the strategic and economic impact of a U.S. led Invasion in the Middle
East. The
focus was to analyze underlying potential rationales for a military
invasion (as
opposed to the less credible reasons offered publicly) . The intended
audience
is our institutional clients, about half of whom are European. It went
out yesterday
afternoon.

I received permission to distribute the full report to "select groups."
If you choose
to CC this, I will arrange to have it emailed to any IPers who ask for
the report
(about 10 pages). Send a request to <britholtz@maximgrp.com>,
with "War Analysis" in the subject line.

Please specify MS Word doc or Adobe PDF.


ABSTRACT:

A strategic assessment of the imminent War and its economic impact,
based on "open source" materials. Several unexpected conclusions are
reached: First, the explanations offerred by the nation's leadership
for military action is inadequate to explain the US commitment to
invasion. Second, by "reverse engineering" the strategic decision
making process, we learn there may indeed be compelling reasons for
invading and occupying Iraq.

These findings lead to the conclusion that any U.S. military presence
in the Middle East is likely to be a large scale, continuing operation.
The subsequent occupation of Iraq may last several years, and continue
for a decade. The cost for this effort could scale up to one trillion
dollars by 2011.

Lastly, we attempt to assess the impact the War will have on the equity
and fixed income markets; We also apply those findings to specific
market sectors and industries. Finally, we suggest how asset managers
may wish to position their portfolios in the months and years ahead.

Please call with any questions you may have.


Barry L. Ritholtz
Chief Market Strategist
Maxim Group
< britholtz@maximgrp.com >
(516) 918-5529





------ End of Forwarded Message

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