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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: kollmhn who wrote (7448)	9/6/2001 4:55:35 PM
From: Raymond Duray	Respond to of 23153

Hi kollmhn, Like you, I was a witness to the bad old days of '73-4 in the equity markets. I have a friend here in town who was a participant at the time, and she summed it up succinctly. She said that in 1972, you couldn't buy a blue chip with a P/E of less than 12. By 1974, you couldn't sell a blue chip at a P/E over 4. Comparing that to today's P/Es and one is left with the impression that there's a more compelling fundamental argument on the downside than the up. Re: Burn enough people and they all get gun shy. I non-concur. I've seen enough perma-bulls around SI to realize that some people are simply blessed with a native optimism that seems unhinged from short-term realities. And, I think it's a lovely way to view the world.... as long as one isn't a retail stock market participant. Best, Ray :)