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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: accountclosed who wrote (13883)1/5/1999 10:54:00 AM
From: bill meehan  Read Replies (3) of 86076
 
FYI: The market is never too high. It's always just right. That's the beauty of free markets. Now, as to whether the market is overvalued, that's a legitimate question. In my humble opinion (and looking back on the entire history of the US market), at >32x trailing earnings it is. As for the overwhelming majority of Internet stocks, they too aren't "too high" (see above), but most will never make money and will implode. The question then becomes whether they will take the rest of the high p/e stocks with them. I believe there's a good chance that will be the case. Good luck.

Bill
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