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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: tradermike_1999 who started this subject2/19/2003 1:47:57 AM
From: energyplay  Read Replies (1) of 74559
 
Possible values in UK stocks ?

Anyone have any views on this ?
From Daily Reckoning -

- But what about the British stock market? Jim Grant
recently contemplated an almost-bullish stance toward the
FTSE 100. Says Grant: "The London stock market didn't go as
high as the S&P 500 in the post-1995 bubble (88% vrs.
148%), but it's fallen as low in the bust...Although not
statistically undervalued, neither is it any longer
overvalued. According to Andrew Smithers, London-based
financial economist, it's probably at fair value. What does
'fair value' look like? Americans wouldn't know."

- But the British might know, says Grant. "We should be
wary of committing too soon to a market that probably
hasn't finished going down," Grant cautions. "However, we
should not be too fine about it."

- British stocks may not be an outright "buy," Grant
allows, but they are certainly closer to being a buy than
U.S. stocks, at least on the raw numbers. "Whereas
approximately 24% of the FTSE 100 companies trade below
book value, only 13% of the S&P 500 do. About 61% of the
FTSE companies trade at less than 15 times earnings, while
only 48% of American companies do."

- We aren't exactly sure what an investor ought to do with
this information. But it might not hurt to keep a wary eye
out for British values.
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