It implies a slower U.S. economy, and so over time I think this will turn out to be bullish for the fixed-income markets. |
What we're getting in the Hong Kong story this year is the re-rating of the market, the growth of the China play potential of the market, and I think people have completely discounted any problems at all with the hand over. |
What worries me most is the absence of political leadership around the world. I think it may very well be an opportunity for President Clinton to step forward and say, 'Look, the U.S. economy is not in that bad a shape.' Fundamentally, it's not unfair value at these levels. |