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Strategies & Market Trends : The New Economy and its Winners

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To: GST who wrote (4236)	12/19/2000 5:34:36 PM
From: Bill Harmond	Read Replies (1) of 57684

>>So, for that subset of the population that calculates valuations based on earnings and earnings growth, the logical conclusion is that we as overvalued at NAZ 2500 as we were at 5500 GST thats's not right. Tech stocks are not commodities, even ones without stated earnings. They are businesses. If you look at the whole picture, this decline in prices for the past year has occurred with a backgtound of increasing earnings, and most of these companies will report increasing earnings again in 2001, even though a slowing in some sectors will cause a decline in growth rate. Your argument that earnings (or expectations) have declined proportionately to stock prices (leaving PE's just as high as before) is simply wrong.

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