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To: marginmike who wrote (121252)	7/3/2002 9:17:09 AM
From: kech	Respond to of 152472

Further, when faulty pension assumptions and options expenses are taken into account the S&P 500 is trading at something like 40 times earnings ! That is not the stuff of which bottoms are made. I was responding to the general statement that p/e's are too high, and are at even crazier levels including options. Not saying anything about expansion or stock growth, except eventually companies will earn something again and earnings growth can be very rapid coming out of recessions with high productivity (firms don't hire a lot of workers for a while). Some sales growth can grow more rapidly than demand with low inventory levels.