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Strategies & Market Trends : Buffettology

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To: James Clarke who wrote (1146)	3/15/1999 2:16:00 PM
From: Freedom Fighter	Read Replies (1) of 4691

James, >>Everybody's missing the major point Buffett was trying to get across this year. The Wall Street Journal article today summarizing the Buffett letter was really shallow. What Buffett said in his lengthy accounting discussion is that earnings are systematically and significantly overstated. Reading between the lines, he is trying in vain to point out to investors that the market is not trading at 28x earnings, which itself would be without precedent, it is trading at more like 40-45 times economic earnings. This statement should be rocking the market today, but everybody's ignoring the obvious conclusion. << I agree 100%. I think this helps demonstrate that the environment is NOT being driven by some fundamental change in the economy or business values. It is out of control speculation...essentially greed and ignorance. That's why Buffett also said it was dangerous on Nightline. Wayne

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