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

To: Return to Sender who wrote (11103)	8/21/2003 3:01:02 PM
From: Cary Salsberg	Respond to of 95640

RE: "Historically bear market bottoms have had much lower PE ratios for the S&P 500 than we saw in 2002." There is no argument about the truth of this statement, but there is a question about its relevance. You are holding up a number, a simple ratio, and you are acting like it is some basic law of nature that can not be violated. A PE is just a measure of the expected delta between yesterday's earnings and tomorrow's earnings discounted by the prevailing return on what is generally regarded as a riskless investment. I may put <g> into my posts, but I don't post for amusement. I am trying to be helpful without being obnoxious.