April 29, 1998

Increasingly, one reads bearish articles in the financial press about America's "bubble economy." Its an article of faith for these writers that the markets P/E ratio is too high, and that were poised for a near-term correction in asset prices, higher inflation and even a possible recession. Interestingly there are also a number of bullish articles which argue that America has entered a new economic era of inflationfree growth and stronger profits as a result of technological advances and increased globalization. These are obviously, two very different views, and while we subscribe to the latter, its worthwhile to review both sides of the argument.

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