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Strategies & Market Trends : Waiting for the big Kahuna

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To: kas1 who wrote (11636)12/15/1997 2:24:00 AM
From: Elllk  Read Replies (1) of 94695
 
kasl

Bernstein is the current schill who gets some kind of reward under the table for saying ridiculous but optimistic things. He is in double jeopardy using the five-year projection for S&P earnings growth provided by unnamed, self-serving Merrill Lynch securities analysts on top of which he imposes his own 30 year projection of dividends. On top of which he then makes assumptions about growth rate and dividend payout ratios as as a function of "a firm's degree of 'maturity.'" No doubt these assumptions and the concept of "a firms degree of maturity" are wonderful things which we will be able to realize if anyone ever says anything about what the hell they mean. But I'm not holding my breath waiting for further elucidation.

Larry
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