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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Joey Two-Cents who wrote (5411)	3/24/1998 12:04:00 AM
From: Pancho Villa	Respond to of 18691

Joey and all, this is what a pretty smart guy had to say while visiting Manila(emailed to me by a friend): Monday March 23, 6:54 am Eastern Time Economist Krugman says U.S. stocks look overvalued MANILA, March 23 (Reuters) - Top international economist Paul Krugman on Monday said investors should sell U.S. stocks after the record run in Wall Street.'' ''I think it's sell North America, which really looks overvalued right now,'' Krugman, a professor of economics at the Massachusetts Institute of Technology (MIT), told a conference of business executives in Manila. ''I don't understand the current value of the U.S. stockmarket. I think we're crazy.'' The Dow closed above 8,900 points for the first time Friday as blue chips notched up 103.38 points. Everything suggests that inflation is building up but being concealed temporarily by a strong dollar, Krugman said. He said he would rather invest in Latin American equities, and even heavily battered Southeast Asian stocks. ''Irrational exuberance,'' Krugman said when he was asked to explain the Wall Street's bull run, the same phrase used by U.S. Fed chairman Alan Greenspan in December 1996 which sent the world stock markets immediately into a temporary tailspin.