Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 223.95

+1.7%

Nov 21 9:30 AM EST

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To: 16yearcycle who wrote (15019)	1/25/1998 3:06:00 AM
From: John Stichnoth	Read Replies (3) of 70976

Off topic: The DOW, P/E and fixed rates. Allow me to respond: The Dow had a pe below 11x 24 times since 1920. Most recently in 1989. In 1988 the dow PE was 9.0. About 9 times out of the 24 low PE years, Aaa corporate rates were in the 8% range or below. Sorry I don't have the long bond--a corporate rate of 8% is I believe a reasonable proxy for your 5.9%. BTW, from 1947 through 1953 the DOW's aggregate PE was below 11 every year, while the corporate bond yield ranged from 2.6% to 3.2%. Best Regards, js

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