Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

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Nov 28 9:30 AM EST

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To: Steve Lee who wrote (3792)	10/29/2002 7:58:09 AM
From: Road Walker	Read Replies (1) of 25522

SL, re: I think you are assuming that the efficent market theory has some truth to it. If so, In Spring 2000, why hadn't the more informed investors brought the market to a point at which they anticipated the coming tech wreck? The PE of the SPX actually started to decline sometime in late 1998 (working from memory here), while the actual earnings were still increasing at a exceptional rate. So it could be argued that the market was somewhat efficient in that it started to pay less for a dollar of earnings in anticipation of the end of the business cycle. John

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