Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 179.02

+3.7%

3:59 PM EST

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To: Wyätt Gwyön who wrote (121259)	7/3/2002 2:18:19 PM
From: quartersawyer	Read Replies (2) of 152472

i should also mention that not even Greenspan uses the fed funds rate to value stocks. the so-called Fed model uses the 10-yr Treasury and compares this to the earnings yield on the SPX. with the SPX earnings yield at around 2.5% while the 10yr bond is at 4.8%, that implies the market is almost 50% overpriced. "[prior to recent bad news] I was considering raising my exposure to equities because the market was 16% undervalued according to the Fed's Stock Valuation Model. [ratio of S&P 500 index to it's Fair Value (12-month forward expected consensus operating earnings per share divided by the 10-year US Treasury bond yield) minus 100.] The latest reading shows that the S&P 500 is 15.2% undervalued." -Ed Yardeni in the Prudential Financial Investment Strategy Weekly, July 1 '02 --------------- Different?

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