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Technology Stocks : Semi Equipment Analysis

SOXX 296.20

-0.6%

4:00 PM EST

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To: w0z who wrote (4813)	8/9/2002 10:44:17 AM
From: Kirk ©	Read Replies (1) of 95580

Cary: If 100% of GDP were the output of public companies, then a stock market valuation of 100% of GDP would reflect a PSR of 1, a very conservative valuation. Bill: I had the same initial thought Cary, but remember that GDP also includes private companies output...therefore the PSR would be somewhere over 1 for public companies' valuations. What makes up GDP remains the same but the point is private farms and Mom n pop stores that are replaced by big agribusiness, 7-11, Arco Minimarts and WalMart show up in Market Cap. Also, look at many big, formerly private companies, that went public such as GS, UPS, etc. This all tends to add to the "price" part of the equation but doens't effect GDP one bit. Kirk

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