Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 309.36

+2.2%

Dec 3 4:00 PM EST

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To: robert b furman who wrote (6012)	10/9/2002 6:04:46 PM
From: Mark Adams	Read Replies (3) of 95520

If that is your pessimistic thought for the day, you picked a good one. ROFL. How 'bout a counter point? About a week ago, WSJ did a bear/bull face off. The bear said that S&P earnings, adjusted for options and pension expenses looked to be a mere $39. Ok, a bit of math then. 775/39-> PE of 19.9 1/19.9 -> an earnings yield of 5%. 5%-3.6% 10yr Treas Yld -> 1.4% equity risk premium. Things might get worse going forward, but using the bears numbers things actually don't look all that bad in the S&P index valuation. IMO. And I hate indexing. Distorts the market, distorts peoples view of what is going on in the market.

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