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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (2552)11/28/1997 11:21:00 PM
From: Michael Burry  Read Replies (2) of 78639
 
Re: PE

IMO, PE's are bashed too much by most of us value
investors and praised too highly by those in the
momentum/ <1 year camp.

My biggest use for the PE is to look at historic
ranges once I've already checked out that the
PE is valid, i.e. no tricks in the income statement
or balance sheet.

After all, the market does like the PE as a tool,
and keeps most stocks in their historical range
year-in year out. If I'm on the fence, and the
stock is at the lower end of its 10 year PE range,
it helps to know this.

It is this analysis which is keeping me out of
Nike currently, waiting for the mid-30's should
they ever come.

Good Investing,
Mike
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