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To: Wyätt Gwyön who wrote (48924)	12/18/2000 11:02:03 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

err...it was a rhetorical question...i wouldn't rule anything out though. what level represents undervaluation depends of course on economic conditions and bond yields at the time undervaluation is reached. 50% undervalued is probably severe enough though. for the SnP for instance a historical mean over the past 100 years was a p/e of approx. 14. we've had bear market bottoms where it reached 6-8, yielding 6%.