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Strategies & Market Trends : The Stock Market Bubble -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (974)	8/4/1998 12:52:00 PM
From: yard_man	Read Replies (1) \| Respond to of 3339

Also what suggests earnings are going to accelerate goign forward -- they very well could decelerate -- this would leave the market at current levels very pricey indeed.

To: Mike M2 who wrote (974)	8/4/1998 1:35:00 PM
From: Les H	Read Replies (1) \| Respond to of 3339

It's difficult to compare P/E's also due to different tax rates. Japan tends to have much higher tax rates. How relevant is comparing market value to GDP when much of the companies's activity is overseas, especially when many of the Nifty Fifty are Multinationals? And the proportion of overseas business is higher now than in the past? The proponents of this style of analysis have as few data points to make their claim as those that forecast markets using the K-wave. Japan's productivity was actually much lower than in the U.S. and in Europe. Their primary advantage was the cost of capital and the structure of business relationships. Japan's unemployment rate will soon surpass that in the U.S. Perhaps by next month. All I know is the U.S. markets are in a confirmed intermediate-term downtrend since early April.