Zeev's Turnips Patch-No Politics (ZEEV)

[TJ Parker]

re inflation: well i raise that because this paints a pretty scary picture ... to me, at least:

http://www.nytimes.com/2004/04/16/business/worldbusiness/16YUAN.html?hp

re overblown: my question was really a question: i don't have any good feel for how big the carry trade is here or how long it takes to unwind. but i think everyone has the feeling that its huge and has everyone sitting on the same side of the boat, and that it won't happen without some violent moves in the markets ...

nevertheless, it is looking to me like they've lost the ability/desire to pump up multiples. e.g. pmcs is something i follow alot, and beating significantly as they did last night wouldn't ever, in the past year, have resulted in it dropping more than a dollar ... not unless we're seeing some multiple contraction in that stock.