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Pastimes : Ask Mohan about the Market

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To: John Hunt who wrote (10863)	12/11/1997 12:40:00 PM
From: Edward F. Horst Jr.	Read Replies (1) of 18056

I chose my reading last evening to be the FORTUNE ADVISOR 1997 just to go back and review the comments and projections to see who had any insight to what we're experiencing. On page 153, Fortune's John Wyatt interviewing Templeton's Growth fund manager, Mark Holowesko, asked if Templeton was investing in Japan, where sentiment seemed vastly improved. No, was the answer, for the following reasons: [1] margins were artificially bolstered by speculative bubble in stock market and real estate; [2] Japan has more debt relative to GNP than the US; [3] Japan has a $400 billion banking problem [4 times our S&L debacle]; P/E of stock market was still at 80X. Maybe the FED is now simply having to do what they've known for some time that was happening in the Far East?

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