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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 79.40

+1.4%

10:06 AM EST

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To: RetiredNow who wrote (58398)	3/12/2002 10:13:18 AM
From: hueyone	Read Replies (2) of 77400

The key is to look at the macro picture, not the micro. Ok, perhaps GDP (Gross Domestic Product),is a reasonable measure to look it to gauge overall growth in the economy. Maybe I am all wet, but I really don't expect a dramatic, sustainable change in the overall growth rate for GDP as a result of technological advances and productivity. Hasn't the government already revised downward some of their numbers in recent years regarding growth attributable to productivity enhancements? Anyway, here is an updated chart for GDP. It may be worth keeping an eye on. Please recognize that there is a both a "real" component and an "inflation" component to gains in GDP, although I believe the inflation component has indeed been minimal in recent years. bea.gov There may be higher PEs for a number of reasons, but I still have trouble with the notion that were are entering an era of higher overall, sustainable real corporate profitability. I will believe it when I see it. Best, Huey@skepticsareus.com

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