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To: DD™ who wrote (1470)10/8/1998 12:23:00 PM
From: Wren  Read Replies (1) | Respond to of 15132
 
"we may have the hallowed gift horse buying opportunity"

I've seen SPY go across the screen at 93 1/2 - is this a meltdown or a buying opportunity?

I have some cash left, but I think I'll wait a while. Cash does not go down in value.



To: DD™ who wrote (1470)10/8/1998 12:46:00 PM
From: Ken Brown  Respond to of 15132
 
hallowed gift horse buying opportunity

When you see SPY going by at 70, THEN maybe it'll be a gift horse.

If Cohen sees S&P earnings at 50.50 this year, and you give a nominal 15x pe, that puts a "fair value" at 757. Of course, if you think 20x is more appropriate in a low inflation, slow growth environment, then maybe SPY at 93 isn't too bad, either.

WHAT is a valid pe for S&P? Anyone?

Ken


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