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To: Andrew Vance who wrote (9994)	12/3/1997 12:02:00 AM
From: Patrick Slevin	Respond to of 17305

Well, to waste another post....here's a copy of Gene Inger's current line of thinking....part of it, anyway. I won't go into it much, 'cuz you won't read it anyway. It is a bit too na‹ve for analysts to assume that competitive devaluations, something not seen in more than a few generations, will again not hurt earnings. In fact, we've never experienced such an integrated world economy, and that's the risk. Noone knows how great it is; and for now ignorance seems to maintain bliss in some Wall Street quarters. We think the risk is really substantial, though as noted last night, we don't know either how heavy this will really turn out to be on markets. We do think there's a recognition that most of the expanded overseas growth was primarily a result of the cheap dollar in the preceding two decades, and that you only have to ask companies like Caterpillar (CAT) or Gillette (G) how well they would have done if the '70's and '80's didn't feature a declining Dollar. So, it's a little arrogant for bulls to conclude this currency strength, which is accelerating, won't eventually catch up with stocks.