CLOSE PROX GA-SMA FGT. SMA WAS ON SHORT FINAL TO O26.

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I WAS APCHING LONE PINE FROM THE NW. LESS THAN 1 MI REMAINED TO T/D. AFTER MAKING A WIND CHK USING SOME PONDS ON SHORT FINAL TO MY LEFT; I RETURNED MY ATTN TO THE FRONT OF THE PLANE. AT THAT TIME I NOTICED MOVEMENT SLIGHTLY TO THE RIGHT OF MY COURSE. FROM THAT TIME UNTIL I PASSED THE OTHER ACFT; I ESTIMATE NO MORE THAN 2 SECS ELAPSED. I POSITIVELY IDENTED THE OPP DIRECTION TFC AS AN FGT IN SUBDUED PAINT SCHEME. NO NUMBERS WERE NOTED. I WAS ABLE TO HEAR THE FGT PASS WITH MY HEADSET ON. I ESTIMATE THAT I WAS APPROX 250-300' AGL. HE WAS RISING TOWARD ME AND TURNING TO HIS LEFT. SINCE THE ARPT IS N OF TOWN AND I WAS LINED UP WITH RWY 16; WITH HIM ON MY RIGHT I ASSUMED HE WAS MAKING A LOW PASS OVER THE TOWN OF LONE PINE. I DOUBT THAT HE KNEW OF MY PRESENCE; IN SPITE OF MY LNDG LIGHT. I AM AWARE OF THE RELATIVELY HVY MIL JET ACTIVITY IN THE OWENS VALLEY; HOWEVER; THIS INCIDENT SEEMED RATHER OUTSIDE THE BOUNDS OF MOST TRNING. THE DRIVER WHO MEETS ME WITNESSED THE LOW PASS; BUT NOT THE NEAR MISS. IF THE FGT PLT HAD ROLLED RIGHT INSTEAD OF LEFT; I BELIEVE WE WOULD HAVE COLLIDED.