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To: Maurice Winn who wrote (13032)	7/28/1998 12:23:00 AM
From: DaveMG	Respond to of 152472

John& Mqurice, Of course you're both correct , John in that more money was probably thrown at relatively undeveloped economies than they deserved and Mqurice who opines that the mkt has no mind of its own, however I'll stick by my original thesis that capital or energy if you prefer is not necessarily being allocated where it can be best used.At the moment all of this energy is being directed at US and European assets which are by in large already doing just fine thank you, and running away from places that are in trouble. It is in fact almost as if there is a common mind or god help me "Zeitgeist", everyone spewing the same mantra about "buying the dips, low inflation, low interest rates, nowhere else to put your money, the Japanese are hopelessly out of touch deer caught in the headlights who would rather commit suppuku(sp?) than admit they f...d up, I think I'd better buy DELL CISCO LU GE MSFT NOKIA AMZN because these companies are descended from Olympus and everthing else is dirt, that Americans are the only ones who understand what's going on yadayadayada.......Of course the inside of my head is confused. Maybe it's cause I don't drink enough Sherry. I never said anything about a soft landing to reduce overheating in the real economy. There doesn't seem to be any inflation in the real economy, CRB at an umpteen year low.The stock mkt on the other hand has to be inflated. I don't see how one can claim that the "value" of the mkt has doubled in the last three or so years. I realize that I'm making enormous simplifications, that the average stock is underperforming the nifty fifty and the averages etc but nonetheless things don't add up. I think Greenspan would probably like to lower rates because the real economy is slowing and because it would reduce the pressure on other currencies but is unable to because as Ramsey said the DOW might just zoom to 20000, which a lot of people probably think would be just great. Either there's too much money around and it's being "misappropriated", or all these "investors" are seers because I just can't understand how peoples expectations can be fullfilled.One of these days buying the dip aint gonna be the right thing to do, and that day might be just about at hand. Hopefully the Q will do just fine anyway. dave