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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Defrocked who wrote (7553)10/4/1998 10:19:00 AM
From: Tommaso  Read Replies (1) of 86076
 
Hard to see why you call your very interesting post "off-topic."

When John Templeton began investing in Japan, stocks of companies like Hitachi were trading at P/Es of 3 to 6. With the Nikkei at 13,000, down what is it? close to 70%? P/Es are still higher than US companies, though sometimes one is told that the Japanese figure these things differently.

If Japan could return to great profitability, perhaps current stock prices would be justified, but until that happens they cannot be justified at present levels, low as they seem in comparison to ten years ago. A Nikkei of 7,000 is not unthinkable. Nor is a Dow of 3,500.
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