Wal-Mart Message Board - Msg: 1753166

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Non-Tech : Wal-Mart

WMT 102.48

-0.1%

Nov 14 9:30 AM EST

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To: Leo Francis who wrote (89)	7/13/1997 2:44:00 PM
From: Jack L. Dlugach	of 1166

Leo and Mark: Barron's must've been following our discussion--here's some opinions from a couple of different articles. Given a continuation of the Goldilocks economy--not too hot, not too cold, with inflation safely closeted, stock, and multiples, could go higher still. The beast at hand deserves an honorable mention for having left so many traditional valuation benchmarks behind. Retailers aren't known for consistency but WMT and Home Depot are two exceptions--these companies have done well lately as investor grow more confident about their earnings outlooks. The old axiom used to be that a company's P/E shouldn't exceed the projected earnings growth--as long as consistent profit growth is scarce, those companies with predictable profits will continue to command lofty P/E's. It's a very dangerous market to short, even for professionals. We have reached a new level of lunacy where even preannouncements of companies missing numbers by fantastic amounts don't seem to matter. You can tell when the market is overvalued but you can't tell how much higher it will go. These excerpts are from stories in the current 7/14 issue of Barron's and on line at: barrons.com

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