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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (14224)2/21/1998 9:27:00 AM
From: Tommaso  Read Replies (1) of 94695
 
"That's what horse races are made of... people who think they know what will happen next..."

I think that mostly what I did was to describe what has already happened. That is, that since 1982 (when stock yields were high, P/Es were low, and stocks were priced at around 1.5 times book value) we have arrived at a point where all these figures have changed by a factor of three or four. Meantime real underlying values have also increased so that the market is priced at ten times what it was in 1982.

I do not think that I know what will happen next, but I do think that I see a terribly over-priced stock market.
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