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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (5330)	6/2/1998 10:50:00 AM
From: Wally Mastroly	Read Replies (2) \| Respond to of 42834

Some possible irrational exuberance here - "Granville Market Letter Editor Joe Granville predicts the Dow could reach 14,000 in 1999" Looks like CNBC dug up Joe Granville. He was always good for some laughs. newsalert.com

To: Wally Mastroly who wrote (5330)	6/2/1998 10:53:00 AM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 42834

Wally: Re: Cohen statement: "Cohen, regarded as one of Wall Street's premier gurus because of her record predicting the market's direction, said U.S. shares were trading at fair values considering companies' 12-month earnings potential. 'If you want to look beyond that, we believe (the market) is undervalued,' Cohen said." I don't get it. She is saying that the market is fairly valued based of forward operating earnings I assume probably based upon a historical model. But in the last sentence, she seems to be discounting earnings in excess of one year from now. I guess it depends on how far she is "looking beyond" those twelve months. Regardless, I would treat that statement as pure speculation. I am surprised she would say such a thing. A lot can happen between now and twelve months from now. I am assuming, of course, that she was quoted in context.