Eugene, when I'm talking about the market, I'm chiefly talking about the naz, the universe of stocks which primarily interest readers of these boards. I don't have the numbers at my finger tips, but wasn't the average naz p/e something like 400 at its height?
At any rate, even more important are the multiples for tech leaders and emerging leaders: ebay, csco, arba, etc.
Of course some multiples ARE beginning to look pretty attractive: yhoo, msft, intc, dclk, for example. But these are all stocks currently suffering from sector-wide or company-specific problems that won't be resolved immediately. Thus, such stocks represent underperforming investments medium-term imo.
The one stock that comes immediately to mind as a ST, MT and LT BUY by any historic measure is ffiv. What's your current opinion on the company? |
