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To: Perspective who wrote (93634)	3/19/2004 4:46:59 PM
From: yard_man	Respond to of 209892

well, I've been following your talk about valuation. What is cheap and what is expensive?? -- I don't think it has to do solely with current conditions. I think stocks may be more expensive in some regards than they HAVE ever been, given where I think the world economy is headed. Semis in particular are GROSSLY overvalued given capacity coming onlline in asia -- which stocks have been doing the best out of the sector in this bounce -- the equips?? and where are their largest growth markets?? Earnings are just as much smoke and mirrors as they were in the late 90's. PPI lies aside -- costs on the input side are going UP. I don't see semi makers getting any traction on pricing power any time soon, but I'm no expert on them and maybe I am missing the next big app --