Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Joey Two-Cents who wrote (6233)	4/5/1998 8:57:00 PM
From: Roger A. Babb	Read Replies (3) of 18691

Joey, the "talking heads" on TV and in the papers are saying that the following Greenspan statement was bullish: >Federal Reserve Chairman Alan Greenspan said Thursday that stocks have risen so much because long-term earnings expectations have been revised up sharply. Greenspan said current stock prices reflected only a ''relatively small amount of (risk) premium''. The following day the Dow reached 9,000 for the first time, capping a week of reports showing the economy was strong but not overheating.< They said Greenspan was implying that stock investments have only a small risk. NOT TRUE. What he meant was that stock are so highly valued that future earnings growth is already built into the prices so that there is little upside premium left to the investor for taking the risk.

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