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To: UnBelievable who wrote (89565)4/3/2001 8:17:40 PM
From: pater tenebrarum  Read Replies (1) | Respond to of 436258
 
the experience of the past decade has completely distorted people's perception of what represents value...i go with historic precedent, which says value begins from a SPX trailing p/e of 10 downward...average yield of the SPX should exceed that of 10-year t-bonds by 100 bps. to compensate for the greater risk inherent in stocks...THAT's value.