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To: Oblomov who wrote (70706)	10/21/1999 7:31:00 AM
From: BGR	Respond to of 86076

AA, 1. I do agree than shrnkage in the risk premium is worrisome. But, by nature, I remain cautiously optimistic and reluctant to double guess the market. 2. Completely agreed. But as long as there are hedge funds to underperform for the sake of making the market more efficient, I will continue to indulge in index funding. :-) I apologize if this sounds callous, but honestly, I do not get paid for running OPM as the hedge fund managers do. 3. The picture that you draw can very well be the true picture of the economy a decade down the line, with China and other Asian countries providing bulk of the world's low-tech goods and the USA going high tech in a major way! there has definitely been predictions as wild as that high tech industries will account for some 50% of the US GDP in only 25 years (that's probably too pie in the sky, but in this age of internet times, who knows?). May be the equities market is just discouting that future? -BGR.