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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Kirk © who wrote (12383)3/10/2000 12:20:00 PM
From: Justa Werkenstiff  Read Replies (4) of 15132
 
Kirk: Here is the opinion of one professional:

"Here,Mr.Greenspan could not be clearer that he plans to (a)drive real interest rates high enough to (b)drive equity discount factors high enough to (c)slow asset appreciation to the rate of household income growth.Yes, that's what
he said. He wants higher "equity discount factors" on equity earnings growth,so that equity prices will go up no faster than house- hold income. Whether you agree or disagree with this as a policy objective,the message is-- unambiguously clear. He is targeting the stock market, more specifically the P/E multiple!"

Check out: "Fly Fishing in a Deli" :

pimco.com
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