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To: kvkkc1 who wrote (59906)	6/21/2002 3:46:39 PM
From: rkral	Read Replies (1) \| Respond to of 77400

The equivalency is the problem with using the statistic. AMZN and the likes which don't make real money skew the data regardless. It's apples and oranges. There have been companies in the S&P 500 losing money near the end of past recessions too. That sounds like apples and apples to me. What's your point? As for equivalency of economic periods: that is a judgement the person using the PE stat will have to make. But it has nothing to do with the validity of the PE data itself. Ron