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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 84.82

+3.0%

Feb 6 9:30 AM EST

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To: Elroy who wrote (67673)	4/15/2005 2:38:18 PM
From: pfalk	Read Replies (1) of 77400

There is a secular bear market ongoing, especially in High Tech. Secular Bear means that you will have booms and busts like normal, but the highs (and lows) are trending lower, after being adjusted for inflation. This stands to reason, since we have historically high P/E ratios. This secular bear will persist until P/E's are brought down to norm. See John Mauldin's excellent article: 2000wave.com "And not to put too fine a point on it, I still think we are in a long term secular bear market. In a few years, we will look back and realize this was a bear trap - another sucker rally. " John Mauldin, Jan '05 P

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