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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (35609)	11/9/1998 2:43:00 PM
From: Cynic 2005	Read Replies (2) of 132070

How come suddenly most Merril Lynch analysts chose to tell the truth? <<The S&P 500 is only at 21.7 times Goldman's $52.50 estimate of next year's earnings -- one reason Goldman's bullish U.S. portfolio strategist, Abby Joseph Cohen, has argued the market is if anything, undervalued. Not so fast, responds Richard Bernstein, chief quantitative strategist at Merrill Lynch. Calling stocks cheap on operating profit is "cheating. When you tend to look at operating earnings, you tend to ignore the true cyclicality of the company and every company will look more stable on an operating basis. What becomes a scarcity during a profits recession is the ability to grow your earnings on a reported basis. Not everybody can do that. The few companies that can will get bid up and outperform the market.">>

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