I'm no scientist, but this goes against everything I've been taught. Every other bike I've had requires valve clearance. And the exhaust valves are always a little looser than intake.
I'm twitching here. I don't know if i can adjust my own valves. Someobady shoot me.
Longstrokeclassic has the explanation corrrect.
The clearances are only nil when cold. As the engine warms up, and the valves need to sit longer on the seats for cooling, the thermal expansion of the head creates the valve clearances. As long as the valves can seal when cold, they really don't need any clearances for cold-starting. They just need to seal.
As the engine gets hot, the clearances grow to about .012". If you put a clearance in there when cold, you'd lose more valve lift, and have a lot more clatter.
As for "other bikes' needing different clearances, they are other bikes with different designs and perhaps different materials, and different thermal characteristics.
And even then some engines have the same clearance spec on intake and exhaust.. And some get adjusted hot, and others cold. For example, Triumph sports cars have the same clearance on intake and exhaust, and MG sports cars have clearances with the exhaust having more clearance than the intake. It all comes down to the design.
Since it's been done on the Bullet this way for more than half a century, I think we're ok with it.