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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: hdl who wrote (184034)7/27/2002 4:58:57 PM
From: XBrit  Read Replies (2) of 436258
 
Siegel is pissing me off. The crucial point of his article depends on one throw-away sentence:

<<Furthermore, my research suggests that the proper P/E level for today's market, with its low transactions costs, low inflation, and favorable tax rates for capital gains, should be in the low 20s, not 15.>>

This sounds to me like some variant of the Fed model. I am deeply dubious of his underlying assumption... anybody have a link to where he explains this magic "research" of his? Was it maybe funded by Morgan Stanley or somebody?
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