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Nov 30, 1997

Market Stall

An IR veteran chews over cause and effect

The markets were distinctly wobbly on the day I met Dan - but then so was he. There was no consensus about whether the markets' condition was justified. Some commentators were pointing out that the fundamentals of the economy were sound; just as many asserted that overvaluation in recent months made a correction inevitable. But no-one doubted that Dan had good reason to be in the state he was in. The night before he had been out celebrating his 65th birthday. So I excused him for being late

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