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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (21944)	8/3/1999 9:00:00 PM
From: bobby beara	Read Replies (2) \| Respond to of 99985

Haim, as Rex from Stockcharts.com pointed out recently, that in 1987 bonds didn't bottom until stocks crashed. History doesn't repeat itself exactly, but rhymes. If you have thought a little more about my bubble top in bonds charts, you might take another spin. Kennedy Gammage who is a great timer and very good big picture guy has been saying that at some point undervalued hard assets will come to the fore at the expense of paper assets, bonds are paper assets. bb

To: Haim R. Branisteanu who wrote (21944)	8/3/1999 9:16:00 PM
From: Benkea	Respond to of 99985

Haim: "Just take into account the market cap is around $13+ trillion. It was a puny $5.5 or $6 trillion 3 years ago. 20% capital gain taxes on let's say 3 trillion is not small change." I don't know if $3 trillion is a good estimate. We have had many washout crashes in the last couple of years. Therefore, I think a huge number of shares have changed hands at much higher basis' than $5 or $6 tril. Also, a great deal of those purchases were corporate buybacks from debt which will not be liquidated.