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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (63792)	7/2/1999 2:08:00 AM
From: Richard Nehrboss	Read Replies (2) \| Respond to of 132070

I don't know how you can say this: >> the market could decline 50% and still be the most expensive in history We can debate the quality of earnings and excess debt, but on a straight PE basis (which is commonly used around here) a 50% decline in the S&P would bring it to 690. IBES is projecting $47.25 for 99 earnings. That would give a PE of 14.6, by know means one of the most expensive in history.. Now, that said, I'm afraid we are about 20% overvalued. I do give slight merit to the thought that demand is driving this baby, demand created by the insatiable public. I read an interesting piece talking about how the all the IPO's etc have not added net supply to the market (given mergers, buybacks, etc.) Can't remember where I saw it, but it was comforting given I'm too long this market. Richard