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Gold/Mining/Energy : Mirant Corporation (MIR)
MIR 23.41-1.2%Dec 31 3:59 PM EST
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To: KyrosL who wrote (244)2/25/2002 12:01:01 AM
From: Asymmetric  Read Replies (1) of 903
 
Kyros, on Barron's Electric Utility Call

I have to almost believe Barron's was looking at the
same chart I was/am, that is, a chart comparing the
S&P Electric to the S&P 500 regarding Relative P/E
Multiple. This chart supplied by Merrill Lynch
compares the relative P/E of the two indices going
back 25 years to 1977. (sorry, only available from
their research site).

There were only TWO other occasions when the S&P Electric
index stood as low as it does today, which is 39.7% that
of the S&P 500. The only other two occasions were in
mid-1987, and mid-1999. The normal average is for the S&P
Electric to sell at 67.6% of the S&P 500 P/E. What is
notable about the chart is that following this trough,
the S&P electric made on both occasions a dramatic upswing
over the span of the next year to year and a half. In
1987 it climbed 50 percentage points to 90% of SP 500,
in 1999 it climbed 30 percentage points to about 68.

Good luck to all. Peter.
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