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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Teresa Lo who wrote (15818)8/19/2001 6:22:51 PM
From: sea_biscuit  Read Replies (1) of 52237
 
We've got to be careful about stocks like JNJ that are making new highs. I suspect they are being bought by the same investors who paid 50 times sales for companies that had no profits, and 150 times earnings for companies that were growing at 30% (a rate that is clearly unsustainable for more than a few years).

Now these same folks think that 40 times earnings for companies that are growing in the low teens is OK. Eventually these folks will be handed their head all over again and even a stock like JNJ can get cut in half when that happens. If you don't believe this, look at what happened to KO over the last couple of years.
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