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

To: LTK007 who wrote (31514)2/20/2002 10:03:33 PM
From: exp  Read Replies (1) | Respond to of 99280
 
MaX: remember that Fair Value of SPX P/E = 1/(ten year bond yield) per the Fed model, so HIGHER P/Es may be justified by LOWER interest rates (like now). That's why right now, THEORETICALLY, SPX is NOT overvalued. Practically, SPX is overvalued for two reasons: (1) forward 02 eps estimates are overinflated and (2) these eps are NOT GAAP used historically but pro-forma.


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