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To: Ruffian who wrote (116610)4/12/2002 4:28:07 PM
From: sea_biscuit  Respond to of 152472
 
I have seen this countless times -- even during the bull-market in some cases. When faced with high valuations, earnings almost never rise enough to catch up with the stock price; it is almost always the stock price that does all the work! And with the next cyclical bull-market not even on the horizon (we can simply forget about the next secular bull-market, which is probably years away), high valuations are now more dangerous than ever.