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To: waverider who wrote (14352)	8/31/1998 1:27:00 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Have you ever seen a chart of the Hong Kong stock market over a long period of years? It went "exponential" or whatever term you want to use. What always amazes me is that people can see a chart like that (when things are at or near the high), and remain sanguine about it. And, it is especially dumb when no one can even come up with a coherent explanation for the lofty level. Marc Perkins (who used to work with Bruce Sherman; Bruce being, in effect, Gregg Powers' boss (or partner?) (I don't want to insult anyone)) said on CNBC many months ago that the old "rationalization" for sky high prices in the Hong Kong stock market was that real estate owning companies were a large part of the mkt capitalization, and Hong Kong's proximity to China made Hong Kong real estate (justifiably) incredibly valuable. But, he also said that as of a little while ago, either massive landfill projects or bridges (or both) essentially made Hong Kong and China totally connected ! I remember watching the CNBC interview with my wife and remarking "Is this really true? How come no one else is saying this? If it is true, clearly the Hong Kong stock mkt should crash and burn." Since that interview, I have never heard one way or the other if Hong Kong and China are indeed now connected, thereby making Hong Kong real estate just some stupid real estate like any other real estate. But the stock market action over there sort of confirms my suspicions that someone like Marc Perkins does not go on CNBC and make up something like "by the way, the two pieces of land are now one piece of land." Jon.