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To: AllansAlias who wrote (66945)	2/12/2001 3:26:45 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

like i said, that will require re-assessment once we get to those levels. it used to be regarded as obvious that tech stocks deserve a LOWER trailing p/e than other stocks due to saturation and obsolescence concerns, as well as the cyclicality of the sector. a return to the UPPER range of the historical NAZ p/e range would bring us to sub 1000. the capital spending boom seen at the bubble's tail-end really is the EXCEPTION, not the rule...it won't be repeated anytime soon. meanwhile, there are crushing overcapacities, as one earnings report after the other reveals.