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Politics : Ask Michael Burke

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To: Richard Nehrboss who wrote (63852)	7/2/1999 9:38:00 AM
From: Mike M2	Read Replies (2) of 132070

Richard, I use trailing earnings last I looked the PE on S&P 500 was about 34 ( help if someone has an exact #) . Projected earnings are balderdash ( thanks Jim rogers-g-) in this market I seem to recall forecasts of double -digit earnings growth in 1997 for 1998 -it didn't happen and it won't happen this year! Reported earnings were down 2-3% Wall St likes to look at operating earnings and forget about recurring non recurring writedowns and INTEREST EXPENSE . forget about interest expense gee how long would you stay in business if you don't pay your creditors-g-. I think there is little disagreement that the wealth effect of the stock market has a substantial impact on the economy WHEN not IF When the market declines it will adversely impact earnings. BTW my figures show S&P 500 reported profits of $ 37.71 for 1Q99 down from $ $ 39.72 in 1 Q98 . Wall streets $ 47 dream ain't gonna happen. more later HO HO HO Mike

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