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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (10060)2/25/2000 1:46:00 AM
From: jeffbas   of 78657
 
"The end comes when everybody who is left to buy has already bought."

A little simplistic perhaps. In my opinion 3 things are fundamentally different than when I started investing about 35 years ago. Few individual investors allocate significant amounts of money to fixed income investments. Individual investors now manage their own retirement funds because of the decline in defined benefit plans (which by the way typically used to be invested in fixed income through insurance companies). Lastly I have never seen such a disinterest in value stocks (which somewhat resemble fixed income), even in the heyday of the "go-go" and "nifty-fifty" days of the late 60's.

In my opinion, the end comes with a recession that damages the earnings of these tech companies. A homebuilder with declining earnings at 4 times earnings will then look a lot better that the latest tech stock at 200 times with declining earnings.
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