Astride An Interest Rate Seesaw

Surveying the wreckage of the past six weeks' stock-market slide, money manager Kenneth S. Hackel says he has discovered "great companies that could not be recreated for anywhere near their current prices." So Hackel, whose Systematic Financial Management Inc. in Fort Lee, N.J., runs $1.3 billion in assets, hit the phones, urging clients to commit more money to their accounts. That's something he hasn't done since October, 1990, the end of the last bear market.

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