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Politics : Ask Michael Burke

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To: valueminded who wrote (82353)	7/17/2000 10:41:51 AM
From: Mike M2	Read Replies (1) of 132070

Chris, I have some historic low PE ratios for the S&P 500 1932 -8.9 ; 1942 -7.4 ; 1974- 7.0 ; 1978- 7.0 ; 1982- 7.6 as you can see a decline of 70% +/- for the S&P 500 would bring the S&P 500 down to the lower valuation limits hit many times this century. In addition, we must remember the impact of recessions on earnings. In the early 1990's recession S&P earnings declined 30% from their cyclical peak . We must also realize that the quality of earnings is the poorest in history ( IMO) due to the esop accounting scam - see Andrew Simthers study in Forbes some time ago. There are many other misleading accounting practices as well. mike HO HO HO

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