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To: Whistler30 who wrote (8888)	4/15/2000 10:04:00 AM
From: Hank Stamper	Respond to of 24042

"While what you say has merit I believe it ignores one of the most salient factors in the history of the stock market - that P/E ratios have a strong demographic connection. " Thank you for adding to the conversation. Yes, my comments have not considered demographics. I believe, with you, that demographics are potent indicators of the long-term trend. I think, though, the current situation should be considered as 'short-term' and 'business-cycle.' Over the long term demographics will nudge the direction of the business cycles but the cycles still cycle. Thank you again for adding to the conversation. With regard, David Todtman

To: Whistler30 who wrote (8888)	4/16/2000 5:25:00 PM
From: Snowshoe	Read Replies (1) \| Respond to of 24042

>>While what you say has merit I believe it ignores one of the most salient factors in the history of the stock market - that P/E ratios have a strong demographic connection.<< I fully agree with you on this, and I'm quietly chuckling at all the people who are blaming the current situation on Greenspan, Janet Reno, day traders, etc. About five years ago Money Magazine had a series of articles on this. I think Michael Sivy said in his piece that the baby boomers would take retirement investing to extremes, just like they did with everything else (rock'n'roll, fashion, sex, drugs, anti-war protesting, borrowing, spending, etc.) I think we've been seeing the same sort of extreme behavior in the stock market. So what come's next? Does everyone start buying bonds, driving long-term rates to 1% like in Japan?