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Politics : High Tolerance Plasticity

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To: kodiak_bull who wrote (17715)	11/14/2002 10:57:06 PM
From: Steven C. Vartan	Read Replies (3) of 23153

KB- prior to joining the ranks of the early retirees I had some business dealings with Jeb Bush in Florida and also we sponsored his dad for a speaking gig in California. The comments he made led me to believe that dad was very much in the political fray with his sons and a very influencial advisor. My cynical view on the war delay is that they don't need the real war now that the election has been won. Politics aside the fundamental valuation issues still need to be worked through, IMO, which means that the current bull run is in a bear market context and should play itself out over the next week or so. Hard to understand some of the semi and semi-equipment stocks selling at 70 times earnings, 2.6 times book with at least 3 quarters of bad news going forward. Hard to understand why a chip should be considered with a reverence that deserves a 70 PE rather than a bolt or nut which are also boring commodity products. Well if it were a rational market it wouldn't be an auction market.

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