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To: janski who wrote (156464)	3/21/2002 10:05:02 AM
From: Tommaso	Read Replies (2) \| Respond to of 436258

I think the P/E on the S&P was about 7-8 in 1982. That's not really ancient history. Thanks for the post--I certainly didn't realize it could be figured as high as 46. Maybe the economy will limp along without a major depression, but the United States equity markets remain the stupid, protracted, pigheaded, example of overvaluation that the world has ever seen. Well, I guess the overvaluation of gold in the 1980s was comparable. But there many times more supposed "wealth" tied up in U. S. equities than was ever tied up in gold. Last I heard from John Templeton, his view was that the bear market hasn't ever really got started. Of course, we all know he's senile. <g>