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Strategies & Market Trends : The Stock Market Bubble
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To: Les H who wrote (966)8/4/1998 12:47:00 PM
From: Mike M2  Read Replies (2) of 3339
 
Les, when comparing Japanese PEs with American PEs it is important to note that Japanese accounting tends to understate earnings vis a vis U.S. accounting. I am not aware of the magnitude of this difference but it is significant. The Japanese mkt peaked at 135% of GDP I saw on SI thread somewhere that the US mkt is now 150% of GDP. Some other points to consider is the Japanese economy during the bubble days had higher productivity,savings and investment, lower unemployment when compared with the present "goldilocks economy" ( which is more hype than reality). During the greatest financial bubbles many economists lauded the fact that there was no price inflation when in reality the monetary inflation manifested itself in the financial mkts. Mike
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