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Technology Stocks : Applied Materials No-Politics Thread (AMAT)
AMAT 319.51-0.9%Jan 26 3:59 PM EST
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To: Gottfried who wrote (3196)9/24/2002 2:01:13 AM
From: Steve Lee  Read Replies (1) of 25522
 
Whatever the P/E is at times of low earnings, a historical P/B or P/S for bear market valuations should suffice. The problem with ML's thinking on that excerpt is that they are comparing with 98 trough. But 98 was in a bull market.

People need to look back to pre bubble times to discover that a bear market takes us to P/S ratios of well under 1.0 for the average stock. And we are exiting a massive bubble so could well end up with undervaluations as extreme as the recent overvaluations were. Unless, of course, it's different this time.
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