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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: UnBelievable who wrote (28194)10/13/2000 6:08:34 PM
From: RocketMan  Read Replies (3) of 436258
 
There is one very big problem. There is not enough money to continue to enable to bid up the price of a stock at a rate that is totally unrelated to the rate of real goods and services which the company can be expected to produce now and in the future.

That is a sweeping statement. Don't confuse the no-earnings dot coms with the knocked down solid companies that are going through cyclical downturns. Take a look at intc, for example. Its p/e is now 27, with a 16% growth rate over the last five years. For a growth stock, that compares favorably with the s&p average PEG of 1.7. Even if earnings slow to 12% or so, a heck of a downturn, its PEG would still be reasonable with the rest of the S&P. Now, with boomer retirement money remaining invested for another 8-19 years at least, I think it is premature to say that money can't keep up with prices.
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