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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: kodiak_bull who wrote (12960)	3/23/2002 11:10:16 AM
From: edward miller	Respond to of 23153

KB- Thanks for the correction on which Joe, but I don't think it matters. "Dabum has had a remarkable record in counseling patience with many stocks and I'm more than happy to be patient here" I think the thread concurs. In fact I suspect many are here for this wisdom as much as for the expertise in the energy stocks which so many kindly share with the rest of us. If nothing else, dabum3 has made me rethink my chart reads at times. Nobody is always right, but he seems to be very good in "reading the tea leaves". DABUM: This is for you. Write your own book. Don't let someone else do it. Just don't get so into writing that you forget to provide us your invaluable insights. <ggggg>

To: kodiak_bull who wrote (12960)	3/23/2002 1:29:58 PM
From: kollmhn	Read Replies (1) \| Respond to of 23153

It's interesting to read about the "norm" for housing stocks and TSC's analogy with the NASDQ in 1996 versus 2000. The word CONSISTENCY cropped up. I recall how consistently brokerage stocks traded in the early-mid 90s. Buy at under one times book; sell when over 1.75 times book. And yet, p/e s were always well below the S&P in spite of their making good money in MOST years. Why so cheap? Inconsistency of earnings was often cited, even though, cumulatively, they were excellent. Solution? Make them consistent. Bulk up asset mgmt, do credit cards and other steady fee based activities, and VOILA, you have (more)consistent earnings. Book multiples doubled. The stock's p/e doubled. The stocks, themselves, doubled, and more. The old "norm" still hasn't returned after 5 years. The norm? What is that, anyway? Something that IS, until it ISN'T!