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To: Uncle Frank who wrote (115110)	3/5/2002 12:53:04 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 152472

Valuation is a function of many things, current value being one of them but certainly not the most significant i agree with you there. i would add that value (as it changes over time) is a mean to which valuation regresses over time. this is why stocks cannot go infinitely high, even though TA says it is possible for stocks to do this. they cannot go infinitely high because at some point they are drawn back to the regression line provided by value. this is also why all bull markets must end, and must end badly.