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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: AC Flyer who wrote (15104)2/16/2002 11:16:37 PM
From: Wyätt Gwyön  Read Replies (4) of 74559
 
P/Es are high because: 1) earnings have been extraordinarily depressed by "kitchen sink" writeoffs

those writeoffs aren't even included in the PEs. most of the PEs you hear about are just pro forma operating crap that excludes all the bad stuff going down on GAAP. whereas historical PEs prior to about a decade ago were always GAAP. the actual PE on the SPX is over 50. higher than in March 2000. that compares to a historical 14.5.

even if you take a pro forma PE (the one everybody talks about), it is around 26 or so.
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