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Strategies & Market Trends : Value Investing

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To: JRH who wrote (8616)	10/12/1999 1:40:00 PM
From: JRH	of 78748

A sea change in PE ratios? You will need Adobe Acrobat to read the article. The following comes from Ray C. Fair of Yale University. In his paper "Fed Policy and the Stock Market" he makes the following argument among other things: "...... the current level of stock prices has unrealistic macroeconomic implications regarding the future share of corporate profits in GDP unless one assumes that there has been a sea change in long run price-earnings ratios. By not cutting off the stock market boom, the Fed has in effect gambled that there has been a sea change." The full article is available here: fairmodel.econ.yale.edu -rth

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