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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (4808)	8/9/2002 1:43:22 AM
From: paul_philp	Read Replies (1) \| Respond to of 95574

Gottfried, One other factor to consider is that the return on working capital has increased over the past twenty years (lean manufacturing, increasing % of GDP from services and technology). It is intereting to note in that chart the market cap / GDP ratio started to grow around the time of Regean's tax cuts and Vlocker heroic battle against inflation. I dont mean to harp but it is an interesting picture. Of course interest rates, tax rates, inflation and dividend yields are not constants. They can move against the market. Paul