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To: Abner Hosmer who wrote (10518)	4/23/1998 11:48:00 PM
From: Enigma	Respond to of 116762

Tom: Yes, and everything can change so quickly from our hunkey dorey Goldilocks world in N. America - full employment (pretty well) low inflation, low interest rates, to a quite different outlook - higher wages, higher inflation, higher rates. The reality may take some time to materialise, but the outlook can change almost in a flash, and that is what changes markets, which, as we all know (but forget), discount future events rather than reflect present realities. The present is old news? E.