Bob Brinker: Market Savant & Radio Host Message Board

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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host

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To: Skeeter Bug who wrote (8231)	10/6/1998 5:40:00 AM
From: Bill Wexler	Read Replies (1) of 42834

There's a good reason that guy writes for the Post. He's dead wrong. It is certainly possible for the market to hit 5000 in the current economic climate. it is also possible that everyone at GE will decide to pack it in tomorrow and the stock goes to zero. I place both events at about equal probability. As the market marches forward, its P/E will always appear to "trend" towards the average. Of course the market can swoop between 12,000 and 1,000 inside the next two motnhs and the average historical P/E won't budge much. Stick to the fundamentals. Right now the fundamentals suggest that interest rates will continue lower and inflation is not budging, despite nearly full employment and enormous gains in productivity. Take the long view. Nearly all high-quality U.S. equities are cheap right now. it may not seem that way (it never does at times of maximum fear) but I can assure you (as long as the economic fundamentals remain intact) that a decade from now, this little correction will look like a pimple on the chart.

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