We are not at war with China.

We are not at war with Russia.

We do not have a civil war within the United States.

The socialist laws favored by far-left politicians have not been enacted.

The government promises to curb inflation.

The Muslim population is 25%, and not yet 50% of the world population.

The contagious physical disease in the U.S. seems to be under control.

The causes of racial unrest seem to be in the process of being addressed.

There are more buyers than sellers of stocks in the major indexes.

Investors are prepared to accept traditionally high price/earning/ratios.

There is available a vast amount of uninvested capital.

Are these enough to justify the high level of optimism which seem to be influencing investors?

 

Arthur Lipper, Chairman                 arthurlipper@gmal.com
British Far East Holdings Ltd.        858 793 1000 (USA-Pacific)