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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: P. Ramamoorthy who wrote (11402)	5/25/1999 7:15:00 PM
From: William Epstein	Read Replies (1) \| Respond to of 27311

Ram; Wrong, about raising capital in the equity market. The lower interest rate environment will make it much easier to float a secondary. Also a higher stock price in a bullish market will mean less dilution for the same money. True, capital is international. However, we are talking about global markets affecting all countries. There is no doubt that the primary central bank affecting these markets is the Federal Reserve Bank. That is because the U.S. dollar is the only truly international currency. Even China's Luan is pegged to the U.S. dollar and whether or not, other countries admit it so are their currencies, more or less. U.S. Treasuries are the only truly international debt instruments accepted by all. PHOTOMAN