MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Les H who wrote (25154)	9/8/1999 10:48:00 AM
From: pater tenebrarum	Read Replies (3) of 99985

Les, i am not surprised...target inflation is en vogue on Wall Street. and no-one can say that these targets won't be reached - after all, once all traditional measures of valuation have been left in the dust, there's no way of telling anymore how high is actually too high. e.g. total stock market cap is now approximately at 160% of GDP - so what does it matter if it goes to 180% of GDP? likewise the average NAZ p/e is now over 140 - what difference does it make if it reaches 180? it's disconnected from reality in any case, and who's to say how far the reality-disconnect can go? it could end to-morrow, or it could carry on for a while yet. valuation has simply become a meaningless concept at this point. regards, hb

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