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Pastimes : Rage Against the Machine

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To: Thomas M. who started this subject	10/29/2002 1:28:26 AM
From: Thomas M.	of 1296

Standard & Poors gallantly tries to stem the tide of bubble accounting: <<< S&P recently announced they intended to start reporting earnings using new standard which dealt with options and pension liabilities, in advance of it being adopted by the accounting industry. Yesterday they released their study of earnings for the S&P 500 for the four quarters ending in June, 2002. Instead of the $44.93 that Thomson First Call reported, S&P said actual reported earnings were $26.74 a share. (Thomson First Call estimates come from Wall Street analysts. They are still clueless, and still shameless cheerleaders.) Earnings are $26.74, that is, until S&P deducts option expenses and pension liabilities from the companies in their own index, and then earnings drop to $18.48 a share. This is a Price to Earnings (P/E) ratio of 48.6 on the S&P 500, as of the close today. This is clearly still stock market bubble territory, and is why a resumption of a bull market is not in our near future. No bull market has ever started from such high valuation levels. It is at the core of why I think the current run-up is a bear market rally. Enjoy it. It won't last. >>> investorsinsight.com

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