Bill Wexler's Profits of DOOM Message Board

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Strategies & Market Trends : Bill Wexler's Profits of DOOM

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To: Bill Wexler who wrote (3128)	9/29/1998 10:18:00 PM
From: Hank	Read Replies (2) of 4634

US equities are still undervalued compared to what? Future earnings expectations? Perhaps in a bull market but the bull is dead and we ARE heading for a recession no matter what you think. Why does everybody think that just because the averages fell 20% the market is now undervalued? The market has tripled in the last five years and there's still plenty of room to fall. Even with another 10% down, somebody who went long five years ago and held would still be ahead. You seem to give the word "undervalued" a short term definition when you claim that it is impossible to gauge short term momentum. Here's an "impossible" short term prediction for you- COST will hit 40 by the end of October, 1998. I also notice that First Call gives COST a future growth rate of 18% while it still trades at a P/E over 20. It is not a "bargain" yet in my book but it soon will be.

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