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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: posthumousone who wrote (42667)11/30/2000 9:33:21 PM
From: Perspective  Read Replies (2) of 436258
 
<What ABBY Says:Indications that cash is building in portfolios, and that valuations are the most appealing they have been all year, support the forecast of
rising stock prices,'' Cohen said in a note to clients.>>>>>>>>>>

I guarantee you that her assertions are 100% true. Cash IS building in portfolios, and valuations ARE more appealing than they've been in a year. That doesn't mean that cash is back to normal levels, or that valuations are realistic. They're just comparatively better.

I can also assure you that the same assertions hold true in EVERY bear market. Bear markets happen BECAUSE marginal cash flows are directed away from stocks and into safer havens, and valuations decline steadily until they actually reach undervaluation. Believe it or not, you may one day be able to buy MSFT or INTC with a PE that implies an earnings yield on par with a treasury bond. Imagine that!

BC
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