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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (57721)10/6/2006 8:03:38 PM
From: Perspective  Read Replies (1) of 116555
 
I remain utterly stunned at the lack of respect given this downturn in RE. Looking at the capital equipment providers, like Terex and Manitowoc, and the suppliers, like Insteel, and the builders themselves, analysts are predicting a return to record earnings next year! They're trading for forward PEs of 10-12, and discounting this BS "worst is over" scenario, with a rebound to record levels next year.

I just can't believe it. Are they serious? It's like predicting the stock market to hit new highs in 2002 given the slide in 2001.

Oh well, I guess you need stupidity to provide market inefficiencies to exploit. I just want people to be *predictably* irrational - is that too much to ask? <g>

BC
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