Stitch, Stephen,
Stitch, I have been of similar thought for awhile, that events occurring around the turn of the century would dampen the negative effects of the unwinding trends of the world economy and the party here in the States and Europe would last into 2000. Over the past month I have capitulated. I was thinking that by next summer we would be in the thick of it, reading Makin's latest raised my level of concern. I have maintained a risky but rewarding portfolio, and still do. This change in my fundamental outlook requires I must pull back, and the question I now ask is how fast.
Stephen, I want to believe as you do that it will last through Christmas. I can make a strong argument for that case. But the creeping yen and again struggling Hong Kong and S. Korean markets give me pause. I'd like to wait through one more Fed easing, but I will have very little patience with the positions I plan to be out of by December 15.
Regards,
Lee |
