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To: Wyätt Gwyön who wrote (125845)	9/26/2001 4:15:42 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

simply AMAZING. as was the snorting bull on this week's Barron's. talk about denial. besides, as i have frequently mentioned in the past, the SnP p/e is in reality nowhere near 22. in addition to which earnings keep plunging like a rock. the mania has really warped people's expectations. one thing the good professor fails to mention btw. is that in bear markets, the market tends to go to levels of UNDERVALUATION, just as it went to extreme overvaluation in the bull market. also, interest rates and inflation, which are the basis for his bullish claims are not immovable objects. they fluctuate as well. what's more, the worst bear markets in history have always coincided with sharply falling interest rates - both are merely expressions of a deflationary depression.