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Strategies & Market Trends : Bill Fleckenstein, the BEAR! Is he finally right? -- Ignore unavailable to you. Want to Upgrade?

To: edward miller who wrote (134)	9/7/1998 8:16:00 AM
From: Jack Clarke	Read Replies (1) \| Respond to of 259

Ed, the greatest overvaluation in history is so obvious and known, That's what I can't understand -- why nobody talks about valuation. Certainly there are only two possibilities: (1) We are indeed in a new era, or (2) Equities will eventually revert back toward their historic valuations. (Maybe there's a third possibility: The government and Wall Street want to keep the population happy and are keeping the money flowing and the market propped up.) So I'm still waiting to buy some stocks with P/E of 12 and P/B of 2 and dividend yield of 4 or 5. Wish me luck. Also,I can't quite articulate it, but it seems to me that the new paradigm guys are violating some basic principle, like the law of conservation of mass or energy. Maybe it's the law of conservation of wealth, stating that there is only a fixed quantity of goods and services on the planet, and that that everyone can't be rich, or perhaps everyone can't live off of his stock value without working. But so far I'm the dope, so what do I know? Best, Jack