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To: golfinvestor who wrote (125074)	11/6/2002 5:52:39 PM
From: Clarksterh	Read Replies (1) \| Respond to of 152472

prices have room to move higher here. And prices could have moved higher in equities in 2000. The question is what does a sharp shock do to the valuation. Given that as a whole the price of housing now has about as high a valuation as it has ever had in the US it is vulnerable to a sharp drop. Yes, perhaps individual areas in the US should have higher valuations just as individual sectors (e.g. tech) should have. But as a whole we are almost certainly vulnerable. Clark