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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up?
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To: borb who wrote (2002)8/3/1999 3:44:00 PM
From: Professor Dotcomm  Read Replies (2) of 3902
 
5 years is not magic. It is just the longest stretch of the future that one could calculate with any hope of accuracy. For example, Gillette's industry, one thinks, is growing at 15% per annum right now - (which incidentally demonstrates that Gillette is hopelessly overpriced according to EV measurements). By the same token the Nikkei is about 17-18% underpriced at the moment.

Yes, you factor in forex fluctuations not in the sense that you alter algebraically your rate of return but more that if the Yen appreciates too much your growth segment suffers because of overpriced exports and, as a result, your overall EV has to be lowered. I have factored in 110 - 125 Yen in my expectations.
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