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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (31312)	5/4/2000 8:14:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 42523

Les, i actually believe that firms like CSCO et. al. are not really growing as fast as is commonly thought. much of their earnings are after all due to accounting tricks, see my earlier post. in fact this is the explanation imo why many listed companies earnings have grown so much faster than GDP. the answer to the riddle is they haven't really. if you look at the stats of corporate earnings growth economy-wide (i.e. including the privately owned firms that do not have access to the WS Ponzi scheme) earnings growth is a lot tamer. CSCO's REAL p/e is probably closer to 500 than 180.