Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 170.90

-1.3%

Nov 7 9:30 AM EST

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To: cfoe who wrote (120335)	6/13/2002 11:18:48 PM
From: Wyätt Gwyön	Read Replies (1) of 152472

transitioning from being "growth" oriented to being "value oriented." i agree with you in the sense that the bull market and the era of insanely high valuations is coming to an end, and the next logical stopping point is a severe bear market and an era of insanely low valuations (which will probably begin to appear in 5 years, methinks, and probably persist for at least a decade after that, perhaps two or three).* i guess the transition is not over yet, though, because the SPX is trading at an all time high PE...higher even than during the peak of the mania in March 2000. for some 76 years, the market PE was 14 on average. now it's more like 41. this is no value market. * i know the idea of 10 years of a bear market may sound crazy to people who still think a 100% tech portfolio is the way to go, but look at Japan--down 70% from the peak after 12 years or so, and they're just gettin' started -g-. we sure have a lot of catching up to do.

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