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To: BGR who wrote (45153)	6/4/1999 4:40:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

BGR, you are a challenging poster. I don't mind discussing anything. Nor do I mind differing views. That is what SI is all about. I think there is much more diversity of views here represented than you might know. I think those are valid questions. But they are questions not answers. I believe it is not possible to say that the world economy is balanced. That is obviously not the case. I think in general the bear notion is that we have experienced an extended period of just right growth. Not too fast to have inflation, but not stagnant either. What will the course of the Japanese economy be? Of China? etc. I believe that equities are generally overvalued because they assume the wonderful balance will persist long into the future. If Asia tanks worse, demand drops and deflation might be a concern. If Asia bounces back, inflation may be a concern. Equities generally need to account for those risks. I believe the risks are more real than reflected in equity prices. Now with your what if's...If they are true, equity prices won't fall. That's what if...and that's a risk for put holders. It's all just a debate...that's what the markets are. It doesn't need to be a holy war.