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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Bill F. who wrote (45775)3/2/2001 6:28:20 PM
From: Thomas M.  Read Replies (2) of 436258
 
Fleck just had a nice appearance on CNBS w/ Ted David. His main point was that stocks still are not cheap. He said that if you value stocks like businesses, not pieces of paper, they are still expensive. He said stocks could easily get cut in half here (Dow, S&P, NAZ), if this is the bear market to correct prior excesses. He also mentioned that the market got to nearly 200% of U.S. GDP (and 50% of world GDP!!!!) and is now at 130%, compared to 80% of domestic GDP at the peak in 1929.

Tom
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