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Strategies & Market Trends : Natural Resource Stocks -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (6202)	1/15/2004 3:02:50 PM
From: Arik T.G.	Read Replies (1) \| Respond to of 108747

Hi, I think that overall valuations have, again, gone to extremes. IMO the big NYSE stocks are more vulnerable to the next big decline. Look at the big industrial stocks in the S&P- GE, PFE, IBM, KO, PG, JNJ at al. Price/Book of 5 to 9 P/E of 23-30 Price/Sales of 4 to 9 Extremely thin cash cushion on big leverage balance sheet. MSFT INTC and CSCO on average no longer posses higher P/E ratios then their counterparts, but OTOH have much better balance sheets and cost structure. ATG