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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Dave who wrote (66133)	9/3/2004 9:51:47 AM
From: GVTucker	Respond to of 77400

There have been several times when the market has been ok in spite of a PE of 20 or more. This is almost always because the economy was in the early stages of a recovery when the market was discounting future earnings growth not yet reflected in the PE numbers. A few examples: 1921: 25.2 1933: 23.0 1991: 26.1 The key question now is whether or now we're still in the early stages of an extended recovery or we're still in a more extended downturn that was just interrupted by last year's upswing. I'd argue the latter, though it isn't like I'm aggressively short S&P futures or anything.