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To: GST who wrote (73506)	8/12/1999 10:34:00 PM
From: Eric Wells	Read Replies (3) \| Respond to of 164684

GST - looks like you've taken a bit of flack this evening for speculating on the possibility of continued bond interest rate increases. I'll chime in by saying that I agree with your position, that there is a strong possibility we will see higher rates (and lower stock prices that might result). There's certainly no drawback to coming face to face with the worst case scenario. Wasn't it Andy Grove who wrote "Only the Paranoid Survive"? And I can't help but think that Bill Gates spends a good deal of his time, not gloating over how much money his company has made, but worrying about what market forces might lead to the demise of Windows and Office. I think those with bullish views at the moment are relying on little more than hope - they've made money off the net stocks before - it's just gotta happen again. But in truth, there are some glaring indications that we are still in a market bubble - and I believe there is evidence that the strong economic activity that this country has seen over the past two to three years has been driven in some part by the money created from that bubble. And it looks like it's having trouble sustaining itself at the moment. I think the likelihood of a crash is small (but who am I to predict). However, I also believe that there is little likelihood that we will see any sizeable increases in stock prices over the next six months. Thanks, -Eric