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To: LLCF who wrote (148069)	2/3/2002 11:29:33 AM
From: broadstbull	Respond to of 436258

LLCF I disagree.... although Cramer has been horrible for about a year, he was urging investors over and over to take something off the table in March 2000. He must be given credit for that. Not many others can say that. My theory is that once he left the hedge fund, he gave up his daily access to his partners Jeff Berkowitz and Todd Harrison(both great market minds, IMO), thus he lost his edge. For the last year he has been seeking desperately to make "the great call" and it has left him chasing his tail. His focus shifting over to saving his web site has killed his market perception, IMO.

To: LLCF who wrote (148069)	2/3/2002 1:27:07 PM
From: sun-tzu	Read Replies (2) \| Respond to of 436258

Swenlin addendum...apologies to carl for the reprint but this sham needs to be exposed February 3, 2002 Weekly Commentary Follow Up In my Weekly Commentary I mentioned the fact that, according to Barron's Online, the P/E of the S&P 500 this week suddenly dropped to 28.57 from 40.03 the week before. I suspected that it might have been a misprint. As it turns out, it wasn't a misprint, but a deliberate departure from accounting standards used for at least the last 100 years. Clyde Kendzierski (The Seventy Percent Solution), pointed me to an obscure notation in the print version of Barron's that states that Standard & Poors "has modified reporting to use Operating Earnings" to calculate S&P 500 P/E. One of the charts that keeps me anchored in reality is the one displaying the S&P 500 in relation to its normal P/E range. (http://www.decisionpoint.com/members2/DailyCharts/SPPE.html) Fortunately, we track the individual stocks of the S&P 500, and we can calculate the actual P/E from the earnings numbers dredged from the quote systems, and we can continue to report on the horrific departure of current earnings from historical norms . . . until they start using Operating Earnings in the quote systems. For the record, we calculate the P/E by dividing the total per share dollar value of S&P 500 stocks by their total EPS. As of Friday's close The real P/E was 42.40. Have a good weekend. Carl