TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 104

CONFIDENTIAL

When they do go ahead, clearly they should not commit the full 10% over too short a period, but rather should edge into the market cautiously. The US equity market has been strong, and, while no- one can predict the future with certainty, it is possible that it already fully discounts both the expected upturn and higher corporate profits, and that the balance of risks, currently, is more on the down-side.

I am copying this letter to Paul McIntyre (HMT).

Yours sincerely

Oliver Page

Oliver Page

Q

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