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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (1337)	3/1/1999 11:52:00 AM
From: N	Respond to of 3536

Tom, thanks much...this is terrific! Even more than I asked but about everything I wanted to know ... for the moment To say that a security is "fairly valued relative to other securities" means that, given the yields on other competing securities, the security offers the level of long-term return required by investors. Typically, investors have required a long-term return on stocks about 3-4% higher than that available on bonds, sometimes more. So this is the meaning of bond market yields can't support equities... the equity premium, combo of expectations and taste for risk. And the warning about trend or peak to peak returns and assumed continuation of high earnings multiples....oooh brother! Appreciated your inventory of disinformation tactics as well! Nancy