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Politics : Ask Michael Burke

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To: Mike M2 who wrote (44333)	1/23/1999 12:56:00 PM
From: Mike M2	Read Replies (2) of 132070

When Andrew Smithers factored in the effect of ESOPs if they were expensed on the income stmt rather than hidden on the balance sheet via a reduction of shareholders equity he figured the PE on the S&P 500 was 35 rather than 28 - 25 % higher. Extrapolate that to Nasdaq PE 107 becomes 134 however the use of ESOPS is more substantial on NASDAQ as a result this number is substantially higher. I lost a few IQ points last night so i can't crunch da #s ho ho ho. There is no way of avoiding a major bear market with these truly absurd valuations. tough love fer all. mike

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