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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (15705)	12/23/2001 12:02:33 PM
From: SOROS	Read Replies (3) \| Respond to of 99280

All the questions about a market bottom -- only 1 thing really matters. The Dow is more than 29 times earnings. That's more than TWICE the historical average. The S&P is more than 36 times earnings. Market bottoms just DO NOT happen when valuations are extremely rich. Period! Does not happen. There may be these trading rallies, but with rich valuations and economic conditions what they are, you WILL see new LOWS on ALL the indices within the next year. Money can be made for TRADERS, but anyone who is looking to buy the indexes and watch it grow for the next several years, then WAIT until valuations are AT LEAST HALF of what they are now. They will be. Bank on it. Personal income is still dropping. Continuing unemployment is still rising. Argentina is still deteriorating. The mideast is still in trouble. Airlines still have major problems. The economy is still contracting. Companies are still hiding poor results until they HAVE to reveal it -- like JNPR. This may sound like doom and gloom, but any reasonable person cannot look at reality and come away with the CNBC portrayed "lie" that we are on the verge of a quick V-shaped recovery. How they can keep parading paid-shills to spew this tripe is unbelievable. I remain, SOROS