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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Elllk who wrote (11638)	12/15/1997 2:55:00 AM
From: kas1	Read Replies (1) \| Respond to of 94695

well. i hope you and bernstein never meet in a dark alley. :-) i liked his article, even if only as contrarian thinking against the current doom-and-gloom "everything is overvalued" stuff. however, i did find it circular to some extent: "if earnings keep growing, stocks will go up." well sure. there's a risk premium built into all stocks, that gives the purchaser a discount off of expected value in return for purchaser taking the risk that not everything will turn out rosey. i haven't done my calculations, but my hint is that using bernstein's model, stocks always have been and always will be "overvalued." bwdik?