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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Chris J. Horne who wrote (11841)2/10/2000 7:03:00 PM
From: Hank Stamper  Read Replies (1) of 15132
 
"It does not seem appropriate to me to think that traditional PEs mean anything."

I just have a hard time wrapping my mind around this. If historical P/E does not "mean anything," then:
1. What about the Japanese stock market crash and long term bear market? The 'not mean anything' logic says that earnings played no role in that market.
2. What does "mean anything"? I.e., what is the 'modern' (post-modern?, Derrida anybody?) means of valuing stocks?

The only way I can think of addressing my questions is to refer in great part to traditional and historical means of placing value on individual stocks and markets. But my thinking is pretty much old era.

Ciao,
David Todtman
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