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To: pater tenebrarum who wrote (1882)	7/3/2000 11:38:08 AM
From: Terry Whitman	Read Replies (2) \| Respond to of 436258

The stock market bubble may have slowed- but as the data suggests, the real estate bubble continues to expand. Sold another building lot for 5% more than one I sold 2 months ago. That's all my inventory for the moment- Time to gather some capital for another round? Or time to move on to something else? Real estate has beat the hell out of gold this year, that's for sure. I don't see any signs of the uptrend faltering. An extra 2 or 3 qtr. point interest hikes will not slow it much IMO.

To: pater tenebrarum who wrote (1882)	7/3/2000 11:40:31 AM
From: Lucretius	Read Replies (1) \| Respond to of 436258

note the bond rally.... 207.61.23.98 207.61.23.98 207.61.23.98 the yield on the long bond has led the dow for several months now.... it says DOWN

To: pater tenebrarum who wrote (1882)	7/3/2000 11:41:20 AM
From: Lucretius	Read Replies (1) \| Respond to of 436258

perfect flag w/ declining vol 207.61.23.98

To: pater tenebrarum who wrote (1882)	7/3/2000 5:34:41 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Yep, Noland got off a great blast in the last Prudent Bear. As he puts it, "a soft landing is all but impossible!" prudentbear.com Judging by the recent performance of many of the leading financial institutions – especially some of the most aggressive adherents to “New Era Finance” – we certainly sense that market discipline is in the process of reemerging. Pondering what is behind the poor performance of the financials, the list of potential hotspots is long and wide. There could be “behind the scenes” derivative problems, both interest rate and credit. Clearly, credit problems are unfolding in corporate finance. With hundreds of billions of leveraged loans (telecom in particular) created over the past few years, there are certainly flocks of accidents waiting to happen. And as we highlighted last week, we certainly expect unpleasant issues to emerge from “structured finance.” Many of these vehicles and entities created by the aggressive lending community have mechanisms whereby problem credits can be put back to the lender. With perceptions changing, the market will look with askance at such a possibility, and perhaps the market is beginning to recognize the danger of such structures. Or, maybe at this point, it is simply that the imbalance between supply and demand for risky credits is becoming increasingly problematic. It will be interesting to see what the ECB does later this week, and what the U.S. ClownBuck does in response.