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To: nextrade! who wrote (69742)	2/21/2001 2:01:48 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 436258

according to a recent calculation by the NYT, using GAAP earnings (i.e. REAL numbers, not the cooked 'excluding-non-recurring-items-that-recur-every-quarter' crap) and applying the sum of the GAAP earnings to the aggregate NDX market cap, the NDX sported a p/e of 811 (that's right, eight hundred and eleven) per last week. presumably the COMP is sporting an even higher p/e. note btw. that even more could be excluded from earnings on the grounds of the numbers being manufactured...e.g. options are unaccounted for, if included, earnings would automatically be about 20% lower. so i guess the 'real' p/e of the NAZ is somewhere in the low quadruple digits...and rising, as earnings collapse even faster than prices.