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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (51376)	4/13/2001 1:27:00 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 77399

re: It's almost a return to the days of 1996 Yes, I think there are a lot of "investors", and several investing styles, that only make money when the indexes are up 20%/year. A bull market makes everyone a genius stock-picker. These people and styles are going to be culled: 1. momentum investing 2. any investment style that ignores valuation 3. buying sales growth, rather than profit growth 4. buying Concept or Story stocks. This is best left to VCs. We will go back to the time when a company had to have a history of a couple of years of earnings, before it was ready for its IPO. 5. anyone who calculates PEs, using an E from more than 12 months out. At the height of the bubble, it was common for the E in PEs to be guesses from 2 to 5 years out. This is changing quickly. In the last couple of months, I have noticed more and more use of TTM E in PEs, as people realize how unreliable forward estimates are.