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Politics : Formerly About Applied Materials

AMAT 301.88

-1.0%

Jan 14 3:59 PM EST

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To: Proud_Infidel who wrote (28123)	2/9/1999 10:56:00 PM
From: Gottfried	Read Replies (1) of 70976

Brian, Laszlo Birinyi Jr discusses the Market in general and dissects some bear arguments... Today the bears argue that a weak economy will result in less than robust earnings growth. The bulls suggest that earnings might slow a bit but they will continue to grow. My view is that it doesn't matter that much. In 1991 earnings of the S&P were down 25% but the market was up 26%, while 1994 saw a 40% increase in earnings but the market made little or no progress. Recently, I ran some statistical tests that looked at the quarterly change in earnings versus the quarterly change in stock prices and found that the correlation was very close to nil. I then lagged the earnings, assuming the stock market anticipated next quarter's, and found the correlation went lower. forbes.com I like what he says because it fits my prejudices. Bold emphasis is mine. Gottfried

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