And they put a net $79.1 billion into American stocks, up 178 percent from the previous year.

Compared with markets around the world, American stocks held up well.

Strong American stock and bond markets have also helped the dollar.

As it happened, the foreign success stories may have hurt the performance of American stocks, especially small ones, late in 1993.

As for this year's performance, emerging markets have done better than American stocks.

But it is not likely to damage confidence in American stocks.

As a result, the fund now owns no American stocks.

The comparable multiple for American stocks is 17, he said.

In their currencies, American stocks cost a little less than they did at the end of 1994.

Much of that disappointed money will move to American stocks, he said.