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To: Sun Tzu who wrote (58)	9/8/1998 11:50:00 AM
From: Sun Tzu	Read Replies (2) \| Respond to of 10694

An interesting annomoly: hang Seng was up only 1.4% yet its "ADR" here (EWH) is up 16.5% !!! Can anyone comment on this. Do you think this is the result of a nasty short squeeze or are we looking at something else. TIA ST

To: Sun Tzu who wrote (58)	9/8/1998 11:54:00 AM
From: Gottfried	Read Replies (1) \| Respond to of 10694

Sun, you said >PPPs I'm still waiting for historical yield charts (10 year yields for the last 100 years would be nice). < That was corporate bond yield you wanted? GM

To: Sun Tzu who wrote (58)	9/8/1998 12:03:00 PM
From: Cymeed	Read Replies (1) \| Respond to of 10694

Thanks for your continued sharing of the quality thoughts, Sun Tsu. On the interest rate front, would it be beneficial for companies to operate at a low interest rate environment ? Besides, low interest rate directly cut down the trading cost of margin accounts and it means more liquidity from the Federal Reserves. I know you mentioned low interest rate in Japan as an example (for stock market irrelevance to interest rate). But what I heard was that the Nikki is still trading at a very high PE despite slump over the recent years. So low interest rate does contribute to high valuation of stock prices. What spooked this market today in my view is, first, no doubt the speech by Mr. Greenspan on Friday definitely told the market the interest rate tight bias was dropped in August and FED is ready to make a move if the market deteriorates too much. Secondly, firming up of Yen and the robust performance in HK also help sentiment. Over the years, I have found it very expensive to argue with the market. Therefore, I am all ears this time. The question in my mind at this point is, is this rally a technical rebound from a over sold situation, or is this just the end of a 20% correction to a long lasting bull market ?