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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (5270)	11/12/1998 11:59:00 PM
From: Cary Chubin	Read Replies (1) of 78717

James, Re: "How the %$&* can you pay 25x a declining earnings stream for the S&P? I don't care what interest rates are." Don't...look for bargains. Re: "But I did put my cash to work. On Sunday I bought my dream house with the money I took out of the market in the spring and summer. That'll keep me disciplined. Nothing like having no money to keep you from buying stocks. I figured if I can buy a house now at 7% interest rates, do it." This strategy I don't understand. In two real estate markets I'm familiar with, San Francisco and Chicago, prices of single family homes have exploded in the last two years. The acceleration in Chicago, usually a very stable market, is unlike any I've ever seen. If you are forecasting a severe downturn in the stock market do you really believe there will not be a corresponding downturn in highly leveraged single family home prices? Cary Chubin

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