1.   A hyperbolic and dangerous extension of a good working rule, namely, that American equities have generally been a decent investment over most long-term periods.

2.   A look at the American equity market shows a generally positive picture.

3.   But at some stage valuations become so stretched as to cease to be credible American equities are well into the danger zone.

4.   But if you do not, then you should reduce your American equity exposure in favor of foreign stocks.

5.   Editors, American equity and financial markets are closed for the Independence Day holiday.

6.   Kemper is also stronger than Scudder in American equity markets, where Scudder is eager to expand its asset-management business.

7.   Last April, I subscribed to a newsletter, and in July it advised subscribers to pull their money out of American equities.

8.   Last year, Salomon ranked sixth as a lead manager in American equity underwritings.

9.   One included Orix Corp., Cerberus Partners LP, and Shinsei Bank, which is owned by Ripplewood LLC, another American private equity fund.

10.   The latest plunge has been somewhat of a surprise to most American equity analysts.