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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (90644)4/5/2001 7:30:51 PM
From: Andrew G.  Read Replies (2) of 436258
 
'sorry, but I disagree with your 'closed system'. And historic PE is lower than where we are right now, at least according to front cover of business section Mpls StarTribune:

"Rationalization of PE ratios"
"The stock market's steep selloff has lowered stocks' pe to about it's average over the past 15 years. The PE decline reflects profit-growth expectations"
The Chart goes back to April 1986 when S&P500 was at PE 15.74
High at ~26 in late 1991 and around 16 in '93-95. Things got way out of hand from there on and as of Wednesday stood at PE 22.95.

I will stand by my predictions in post (90625), Heinz

A day like today says more about the enormity of speculative further still in the blood of America than it does about the genuine worth of these companies. This is even more the case in the housing market.

The "wealth effect" has not been purged. It is only waiting for another opportunity to splurge.
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