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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (395994)	10/16/2009 9:56:42 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

crazy people selling

To: MythMan who wrote (395994)	10/16/2009 10:17:14 AM
From: Giordano Bruno	Respond to of 436258

There's less shame in forfeiting.

To: MythMan who wrote (395994)	10/16/2009 10:26:54 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Team magic Rosenberg - WHAT’S PRICED IN AGAIN? At a series of client meetings this week, we stressed that there were fewer and fewer securities left in the market that were priced inexpensively. Ain’t that the truth. We re-ran our regressions with the latest tightening in spreads and breakout in equity valuation and found that U.S. investment grade credit is now priced for 2.5% GDP growth in the coming year (was 2.0% two-months ago) and the S&P 500 is now de facto pricing in 4.8%, which, by the way, is now basis points shy of what it was discounting in the summer/fall of 2007. And, backing out the fair-value P/E from the corporate bond market, and yields have been backing up sizably in recent weeks, we can see that the S&P 500 is now pricing in $85 of operating earnings, which we think will be, at best, a 2013 story.