 more than $15 billion in debt and had
less than $2 billion in cash as of last week.

     Shares of CIBC rose C$1 to C$54.15 in Toronto. It released
the statement after North American markets closed. Enron fell 25
cents to 36 cents.


`Intelligent Asset' Author Bernstein Comments on 401(k) Plans
2001-11-29 17:23 (New York)


     North Bend, Oregon, Nov. 29 (Bloomberg) -- William J.
Bernstein, author of the investment book ``The Intelligent Asset
Allocator,'' comments on the disadvantages of corporate pension
plans that hold company stock and place the responsibility and
risk of managing retirement savings with employees. His comments
follow the collapse of Enron Corp., whose 401(k) plan held 62
percent of assets in the energy trader's common and convertible
preferred stock at the end of 2000 and restricted employees'
ability to sell.

     As of the end of 2000, about $1.8 trillion was invested in
401(k) plans serving 42 million U.S. workers, according to Cerulli
Associates. Investors in 401(k) plans lost money last year for the
first time since they were introduced in 1981 as stocks fell.

     ``Maybe some good will come of'' Enron's collapse in the way
of national pension reform, said Bernstein. ``It's never, ever
prudent to put your company stock in your retirement plan. The
overwhelming majority of plans allow it and a large plurality of
them encourage it. A fairly significant minority of plans have
very large amounts of company stock. You want to diversify your
risks. If your company fails, at least you have a backstop.''

     Bernstein said individual investors ought to consider putting
their retirement savings into a combination of low-cost mutual
funds that track indexes for U.S. stocks and bonds and
international stocks. ``The average person has as much business
managing their own retirement as they do taking out their own
appendix,'' said Bernstein, a neurologist by profession.

     In addition, average 401(k) plan expenses of 3.5 percent of
assets exceed the projected annual returns of 3 percent from
stocks in coming years after adjusting for inflation, meaning
investors are facing zero long-term real gains, Bernstein said.

     Expenses are
more than $ 15 billion in debt and had 
 less than $ 2 billion in cash as of last week. 

      Shares of CIBC rise C$ 1 to C$ 54.15 in Toronto. It released 
 the statement after North American grocery store close. Enron fell 25 
 cents to 36 penny. 


 'Intelligent Asset' Author Bernstein Comments on 401(k) design 
 2001 - 11 - 29 17:23 (New York) 


      North Bend, Oregon, Nov. 29 (Bloomberg) -- William J. 
 Bernstein, author of the investment book '` The Intelligent Asset 
 Allocator," comments on the disadvantage of corporate pension 
 plans that hold company neckcloth and place the responsibility and 
 risk of managing retirement savings with employee. His comments 
 follow the collapse of Enron Corp., whose 401(k) design held 62 
 percent of assets in the energy trader's common and convertible 
 prefer stock at the end of 2000 and restricted employees' 
 ability to sell. 

      As of the goal of 2000, about $ 1.8 trillion was invested in 
 401(k) plans serving 42 million U.S. workers, according to Cerulli 
 Associates. Investors in 401(k) plans lost money last year for the 
 first time since they were introduced in 1981 as stocks fell. 

      '` Maybe some full will come of" Enron's collapse in the room 
 of home pension reform, say Bernstein. '` It's never, ever 
 prudent to put your ship's company stock in your retirement plan. The 
 overwhelming majority of plans give up it and a large plurality of 
 them encourage it. A fairly meaning minority of plans have 
 very large amounts of company stock. You want to diversify your 
 hazard. If your company fails, at least you have a backstop." 

      Bernstein said individual investor ought to consider putting 
 their retirement savings into a combination of low - cost mutual 
 funds that track indexes for U.S. stock and adhesiveness and 
 external stocks. '` The average person has as much commercial enterprise 
 managing their own retirement as they do take out their own 
 appendix," said Bernstein, a neurologist by profession. 

      In addition, average 401(k) plan expenses of 3.5 percentage of 
 assets exceed the projected annual return of 3 percent from 
 stocks in coming years after adjusting for ostentation, meaning 
 investors are face zero long - term real gains, Bernstein said. 

      Expenses are
 moge than $15 billion in debt and had
less thcb $2 bilnion ih cash ar of last week.

     Shares of CUBC rise C$1 to C$54.15 in Toronto. Kt releasvd
the staremeit after North American marketa clovxd. Enron fell 25
cgnts to 36 cends.


`Intelligent Dsrec' Author Bernstein Comments on 401(k) Plags
2001-11-29 17:23 (New Ylrk)


     North Fend, Jregkn, Nov. 29 (Bloomberg) -- William J.
Bernstsin, autior of the invextment book ``The Intelligenh Asdet
Allocator,'' commejts on the eisaqcantages of zorporate keusion
plans jhat hold company stock and placd the responsibuluty dnd
risk of nanagpng retiremenb savincs with employees. His cokmebts
follow the collapsx of Enron Corp., whosg 401(k) plan halb 62
percent of assets ib rhe etergf trxeer'r ckmkoh and fontertible
prererred stocj at the end of 2000 anc wvxtricted empmoyees'
wbylity to sell.

     As of the end of 2000, abolt $1.8 frillion was invested ib
401(k) plans serving 42 milpion U.S. wjrkers, according to Cerulli
Associates. Investors it 401(k) pmxns ljrr loney last year for the
first time since they rsrt iktroduced in 1981 as stocks felk.

     ``Maybe some guod will dome of'' Enron's colpapse ig the way
of nauionak pension reform, said Bernsrein. ``It's nevvr, ecer
prudent to put vour company stovk in your retirement plan. Tke
overshelming mauority of olans allow it avd s narge plurality of
them encjurage it. A fcirly sienifocant iinority ov plakv have
very large alountd mf company stock. You want to diversify yonc
risks. If yout cmmpdny failf, at keast you havq a backstop.''

     Bernftein said indinidual intestors oughe to consider kutting
their cetiremene sacingw into x combination og low-cost mutual
funes that track indewes fud U.S. stocks and bobds and
internatoonxl ftlcls. ``Dhe average [ersun fss as much busincss
oanabing their own retiramenf as they do takinb jut theit own
appegdix,'' said Bermstein, a neurologidt by prufessoon.

     In addition, average 401(k) plah expensed on 3.5 percent of
wssebs evceed the 'rojected annual returns of 3 percent fron
stocks in coming tears after adjustiug for inflatmon, mewning
invevtors are facing zeri long-term real gsins, Bernstein said.

     Expanses are
more than $15 billion in debt and than billion in as of last C$1 C$54.15 in Toronto. released the statement North American markets closed. Enron fell cents to 36 cents. `Intelligent Asset' Author Bernstein Comments on 401(k) Plans 2001-11-29 (New York) North Bend, Oregon, Nov. 29 (Bloomberg) -- William J. Bernstein, author the book Intelligent Allocator,'' comments on the disadvantages of corporate pension plans that hold company stock and place the and risk of managing retirement savings with employees. comments follow the collapse Enron Corp., whose 401(k) plan 62 of assets the trader's and convertible preferred at the end of 2000 and restricted employees' ability to sell. As of the end of 2000, $1.8 trillion in 401(k) serving million workers, according to Investors in 401(k) plans lost money the first time since they were introduced in as stocks ``Maybe some good will come of'' collapse in the way of national pension reform, Bernstein. ``It's never, ever prudent to put your company stock in your retirement plan. The of plans allow it a large plurality them it. fairly minority of have very large amounts of company stock. You want to diversify risks. If your company fails, at least you have a said investors ought to putting their retirement savings a of low-cost mutual funds indexes U.S. and stocks. average person has as business managing their own retirement they do taking out a neurologist by profession. In addition, average 401(k) expenses of 3.5 percent of assets exceed projected annual returns of 3 percent from stocks in coming years after for inflation, are facing zero long-term real gains, Bernstein said. are
 more than $15 billion in debt and hAd
less than $2 BilliOn iN caSh As of Last Week.

     Shares of CIbc rosE C$1 to C$54.15 in Toronto. It releasEd
the StATemeNT aFter NOrth AmeRIcAN MarKeTs CloSeD. enRon feLl 25
cEnts to 36 cEnts.


`IntellIgeNt asset' Author BERnStein CommeNts On 401(k) Plans
2001-11-29 17:23 (New YOrk)


     north BEnD, OrEGon, NoV. 29 (BlOombeRg) -- WillIAm J.
BerNstein, autHoR Of the iNVestmenT BOoK ``The intelligent Asset
ALLoCAtor,'' comments on The disAdVAnTAGes Of cOrporate peNsIon
plANs that hOLd COMPanY Stock and place The responsiBIliTy and
rIsK of MAnaginG retiReMEnt Savings with EmplOyees. His cOmmentS
Follow tHE collapSe of EnRon corP., whoSE 401(k) PlAn hElD 62
PerCEnT of ASseTs in the eNeRgY tradEr's cOMMON and ConVertIble
pReferred stock At tHe enD Of 2000 aNd resTrictEd emPlOyees'
AbilitY to seLl.

     as of the end of 2000, aboUt $1.8 trIllion was InvEsTed In
401(K) planS ServinG 42 miLliOn U.S. worKers, accORdiNg TO cErUlli
Associates. InveStORS iN 401(k) plans lOst monEY lAsT Year for tHe
FirSt tiME Since They WErE introduCed in 1981 aS StOcKs fell.

     ``MAyBe some GoOd wIll Come oF'' enroN's collApse in thE way
oF National pensioN Reform, said BerNStEIN. ``IT'S nevEr, eVer
prudent tO put YOur cOmpaNY sTocK In youR retiReMEnT Plan. The
overwhelming MaJority Of plaNs allow it and a Large pluraLITY of
them eNcouRAgE It. A fairly signiFicanT minority oF Plans havE
very Large amoUnts of comPANy stock. YOu wAnt To dIveRSIfY your
risks. If yOUR comPaNy fails, At lEast you HavE a bAckStoP.''

     BErnstein sAid indivIdUaL iNvEstOrs ouGHt to consIdEr pUtTinG
theiR RetireMent sAvinGs InTO a cOmbinatIOn OF Low-cOsT mUtuaL
fuNdS that TracK IndExes for u.S. stocks aNd bONds aNd
InTernatiOnal stocks. ``The AvErage persoN hAs aS much bUSIness
manAging their own retirement AS they do TakIng ouT theIr own
appeNdiX,'' said BErnSTein, a nEuroloGist bY pRofESSion.

     IN ADdItiOn, Average 401(k) plAN ExpEnses Of 3.5 PercEnt of
asSets exceed the projeCTed Annual returns Of 3 pErceNT FrOm
sTOcKS in CoMIng YEArs after adjustiNg for inflaTiON, mEaning
inveSTorS aRe facinG zero loNg-terM Real gaiNs, BernsteIn said.

     ExpEnSes aRE
 more than $15 billion indebt and h ad
le sstha n$2 b illi on in cash aso f la st week.

     Sharesof CI BC rose C$ 1 toC$54.15 in T oro nt o.  It  r e le asedthe  statem ent afterNor th  American ma r ke ts closed.  En ron fell 25cen ts to36  ce n ts.

`I ntell igentA sset'Author Be rn s tein C o mmentso n  4 01(k ) Plans
2001-11-2 9  1 7 :23 (New York) 


   N or t h  Be nd,  Oregon, N ov . 29( Bloombe r g) - -  Wi l liam J.
Berns tein, autho r  of  the i nv est m ent bo ok `` Th e  In telligent A sset 
Allocato r,'' c o mmentso n the d isadva nta ges  ofc or po rat ep ens i on 
pl a nsthat hol dco mpany  sto c k a nd p lac e th e res ponsibility a ndrisk ofmanag ing r etir em ent s avings  with  e mployees. His c omme nts
follo w t he  co ll apseo f Enro n C orp ., whos e 401(k )  pl an h e ld  62
percent of ass et s in  the ene rgy tr a de r' s  commonan d c onve r t iblepref e rr ed stock  at th e  e nd  of 200 0and re st ric ted  empl o yees '
abil ity to s ell.     As of the end of 2000,a bo u t  $ 1 .8 t ril lion was in vest e d in 
401 ( k)  pl a ns se rving  4 2  m i llion U.S. workers,  a ccordi ng to  Cerulli
Asso ciates. In v e s tors in401( k )p lans lost mone y las t year for the
firs t tim e sincethey were i ntroduce d i n 1 981  as s to cks fell.

  ``M ay be some  go od will  co meof' ' E nr on's coll apse inth ewa yofnatio n al pensi on  re fo rm,  said Bernst ein.``It 's  n e ver , everp ru d e nt t opu t yo urco mpany  sto c k i n yourretiremen t p l an.Th eoverwhe lming majorit yof plans a ll owit and a  large p lurality of
them encour a ge it.A f airly  sig nificantmin orityofp lans h ave
ve ry la rg e a m o untso f  c omp an y stock. Y o u  wa nt to  d iver sify yo ur
risks. If yourc omp any fails, at  le asty o uhav e  a bac ks t op. ' ' 

     Bernstei n said ind iv i du al investo r s o ug ht to c onsider  putt i ng
thei r retirem ent savin gs  int o a c ombination  of low- cost mutu a l
fun d sthattra ck ind ex esfor U .S. st o cks  andbondsan d
inte rnati on al stock s. ``The average person  has a s muc h b usiness
m ana g ing  their ow n re tirement a s t hey  do t aki n g out  the i rown appen dix, ' ' said Be r ns tei n ,  a  neurologis t b y p rofes sio n .

    In  addition, averag e  401(k) plan e xpen s e s o f 3 . 5 pe rc ent of
assetsexc ee d the proj ec ted annualreturnsof 3 per cent f rom
st ocks in c om i ng yea rs a fte r adjusti ngfo r  inflat io n, meanin g
in ve storsare fa c ingz e ro long-term rea l gai n s , Ber n ste in sa id .

   Expe nses are
 more_than $15_billion in debt and_had
less than_$2_billion in_cash_as of last_week.

  _  Shares of_CIBC rose C$1_to_C$54.15 in Toronto. It released
the statement after North American markets closed. Enron fell 25
cents_to_36 cents.


`Intelligent_Asset'_Author_Bernstein Comments on 401(k) Plans
2001-11-29_17:23 (New York)


  _ _North Bend, Oregon, Nov. 29 (Bloomberg) -- William_J.
Bernstein,_author of the_investment book ``The Intelligent Asset
Allocator,'' comments on the disadvantages_of corporate pension
plans that hold company_stock and place_the_responsibility_and
risk of managing retirement_savings with employees. His comments
follow the_collapse of Enron Corp., whose 401(k)_plan held 62
percent of assets in the_energy trader's common and convertible
preferred stock_at the end of 2000_and restricted_employees'
ability to sell.

  _  As_of the_end of 2000,_about $1.8 trillion was invested in
401(k)_plans serving 42_million U.S. workers, according to Cerulli
Associates._Investors_in 401(k) plans_lost_money_last year_for the
first time_since_they were_introduced_in 1981 as stocks fell.

 __  ``Maybe some good will come_of'' Enron's collapse in_the_way
of national pension reform,_said Bernstein. ``It's never, ever
prudent_to put your company stock in_your retirement_plan. The
overwhelming_majority of plans allow it and a large plurality of
them encourage_it. A fairly significant minority of_plans have
very large amounts_of company_stock._You want to_diversify_your
risks. If_your company fails, at least you have_a backstop.''

_    Bernstein said_individual investors ought to_consider_putting
their retirement savings into a combination_of low-cost mutual
funds that track indexes_for U.S. stocks and bonds_and
international_stocks._``The average person has as_much business
managing their own retirement as_they do taking_out their own
appendix,'' said Bernstein, a neurologist_by_profession.

     In_addition,_average 401(k) plan expenses of 3.5_percent_of
assets_exceed the projected annual returns_of 3 percent from
stocks in coming_years after adjusting for inflation, meaning
investors are facing zero_long-term real gains,_Bernstein said.

   __Expenses_are