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To: XBrit who wrote (14503)	10/24/2002 12:34:14 AM
From: stockman_scott	Read Replies (1) \| Respond to of 57684

Message 18150413

To: XBrit who wrote (14503)	10/24/2002 8:25:02 AM
From: Killswitch	Read Replies (1) \| Respond to of 57684

Here's more on the "core earnings" number S&P publishes. $20 in earnings for S&P 500 for next year (assuming we are almost flat with this year) does not come close to supporting its current price. Of course we could have more growth than that, but even then it probably looks overpriced. If we have a recession, then... ouch. -- 07:36 ET Pension fund adjustments in S&P's new "core earnings" make stocks look more expensive - WSJ The Wall Street Journal's "Heard on the Street" column says that adjustments for pension fund returns and stock options in S&P's new "core earnings" system will make stocks look much more expensive; for example, on a net-income basis the S&P 500 index earned $26.74 a share for the 12 months ended June 30, but after core earnings adjustments the figure drops to $18.48