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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: hmbsandman who wrote (16145)	2/17/2003 2:53:35 PM
From: fedhead	Read Replies (1) \| Respond to of 57684

I keep coming back to valuation levels. The US equity markets are still at very high valuations close to levels which have seen prior market tops. Thats how insanely overvalued we were in 2000 where a 70 % decline in the NASDAQ still leaves it overvalued. I contend that the bear market will not end till stocks are significantly undervalued and boy we have a long way to go for that. The fed can print all it wants, the congress can reduce taxes to zero for all I care, the bear won't go into hibernation till we start seeing PEs in single digits again. The name of the game should be capital preservation so that you have capital to deploy when the bear goes off into hibernation and stocks are trading at great values again. Anindo