Ian and all,
In an interview with Edward Yardeni, economist with Deutche Morgan Grenfell, on CNBC today, he said that he thinks the long bond, which just dropped below 6.5%, will be at 6% at the end 1997, will reach 5% in 1998, and might possible drop as low as 3% by 2000!
This is what I have been saying. Rates are too high now and are going down hard. Correspondingly, PE's, will be and are going up.
This, along with Paul's rationally exuberant forecast for 1997 and beyond, means that the Intel longs will continue to to be thrilled with their equity growth.
Paul, Yaccov and his friends ought to pay your way to Lugano, just for the opportunity to meet you and to have the chance to discuss our favorite company to their heart's delight. JMO.
Barry |
