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To: Little Joe who wrote (132496)	3/20/2001 11:02:21 AM
From: JDN	Respond to of 769670

Dear Little Joe: Well, I believe all my stocks are currently trading at a PE below or near their growth rates which in the past at least represented value. JDN

To: Little Joe who wrote (132496)	3/20/2001 11:05:33 AM
From: CYBERKEN	Respond to of 769670

Good point, but what we're seeing is not simply a reaction to reduced current-year earnings expectations, but a loss of long-term expectations about earnings. Many tech stocks were being valued at earnings expectations several years out (which rightfully can be called a bubble). What was forgotten is that technology also obsoletes itself, so you can't draw a straight, much less geometric, line on earnings for even a CSCO or INTC, much less the dot-coms. As the investing public gradually realizes that the external causes of a market collapse that existed in, say, 1974 or 1929, simply aren't there today, I believe that stocks (including tech) will return to a level higher than here, though it may be a long time before we see new highs like NASDAQ 5000. The "Stocks are STILL way overvalued" voices we see in the press have been with us for decades, and are simply having their temporary day in the sun, IMO. It has been literally decades since a better time existed for massive cuts in the taxes on capital formation. Our public today is being tested. They must overcome the ignorance that leaves them weakened to the fraudulent argument that someone with a dollar more than them "doesn't need" a tax cut. It is WE who need taxes cut on THEM...