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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Crimson Ghost who wrote (89272)7/1/2002 4:26:32 PM
From: SOROS  Read Replies (1) of 99280
 
You actually think capitulation will happen before the PE ratios return to at least a high historical average? The valuations are ridiculous even for the fraudulent numbers that they are based on. Can you imagine what they will be when they are based on factual numbers? Greenspasm was correct in 1996 calling it "irrational exuberance". I say it corrects AT LEAST back to a little above that level.

Why is it so difficult for everyone to accept that the stock market is not some historical institution that must always be as it has in the past 20 years? People speak of it like it has been around for 2000 years. It is a relatively new creation designed not that long ago and improved upon in the 1990's in order to get people to part with their money for nothing. It works as long as money flows and is perceived to have value. But, like everything else, too much of anything becomes valueless. And Mr. Greenbean has certainly produced too much.

I remain,

SOROS
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