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To: Geoff Nunn who wrote (43628)	5/19/1998 10:07:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 176387

Geoff, I think that the cash inflows need to find someplace to go. In other words, we still have a supply/demand equation that needs to be satisfied. Perhaps this is double counting of a sort, but the equity markets are different than the debt markets. While there is undoubtedly an inverse relationship between p/e ratios and interest rates, I think (although I am far from certain on this) that money flowing into the equity markets based on retirement plans may alter the calculus. This is simply an idea I've been toying with, and I have no proof to substantiate it. TTFN, CTC