Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: David C. Burns who wrote (1399)	3/2/1999 10:28:00 AM
From: Freedom Fighter	Read Replies (2) of 1722

Porc, Here's something I'd like to discuss. I just finished going through the Federal Reserve Tobin Q data from 1945 - 1997. (replacement cost vs. market value) The Q ratio has been mean reverting since 1925. It currently indicates that stocks in aggregate are around twice as high as replacement cost. There's lots of issues about the relevance and accuracy of the data, but I still find it interesting and business value relevant. So much so, I asked Dr. James Tobin what he thought about it. You will generally be as satisfied with his answer as I was (I think). He gave me permision to use his comments on my web page. When I finish the presentation I'll let you know. Wayne

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