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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (3936)	4/28/1998 12:28:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 78476

HA, HA! But the valuation on PFE, partly because of Viagra, does make a point closer to home about overvaluation. Sixty times earnings in a large cap stock reminds me of the "nifty-fifty" 30 years ago. My difficulty with this market is that I can find a lot of smaller cap stocks that offer good (not great) value and have not done much. Is this going to be the one bull market that I can remember that ends with a lot of stocks selling at reasonable prices? Even a large cap stock like GM is not expensive. I also see a fair amount of inertia to changing retirement account asset allocations. Therefore, I would guess that the next bear market may be a multi-step affair with fairly long intermediate rallies. (When the selling by active investors temporarily exhausts itself, the constant buying by passive investors will reassert itself.)