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To: Les H who wrote (72556)	10/28/1999 7:25:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Les, this whole 'expectations' game is silly...i happen to believe that we have seen a zenith in corporate profits for a while, and the market should eventually begin to reflect that. Barton Biggs has proposed that we may be in for another period of falling bond yields coupled with falling stock prices, presumably because he thinks the overheated economy will slow down drastically. i'm not so sure about that, but it's a possibility. the thing is, will the consumer, and will corporations, continue to indulge in their borrowing spree unabated? there has to be a limit to that and my guess is that once that limit is reached, we could see a sharp and unexpected slowdown. maybe the time for this idea is coming...