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

To: James Clarke who wrote (331)	9/24/1998 12:56:00 AM
From: kahunabear	Respond to of 4691

The thing that strikes me the most is the earnings multiples of the pc stocks. I remember well when they were in the 10-20 range. The business is still cyclical, but our economy hasn't suffered enough in a long time to see this. These multiples are unwarranted. I am very sure there will be earnings declines in the next slowdown. The air will be let out then. The market has simply forgotten. With other cyclicals taking a beating lately, I have been very surprised to see the pc stocks hold up so well. WS