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To: All Mtn Ski who wrote (4993)4/28/2004 11:02:36 AM
From: Donald Wennerstrom  Read Replies (1) | Respond to of 5867
 
<<we may now be selling a full 12-18 months ahead of the peak.....>>

Always a possibility, but IMO the battle is still being fought in the market over 2 different scenarios. The first scenario is that the best part of the present cycle is over and earnings will contract in 2005. The second scenario is that earnings will be "robust" in 2005 and be considerably higher than in 2004.

The "real" scenario is now unfolding going forward.