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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: David C. Burns who wrote (1399)	3/2/1999 10:28:00 AM
From: Freedom Fighter	Read Replies (2) \| Respond to of 1722

Porc, Here's something I'd like to discuss. I just finished going through the Federal Reserve Tobin Q data from 1945 - 1997. (replacement cost vs. market value) The Q ratio has been mean reverting since 1925. It currently indicates that stocks in aggregate are around twice as high as replacement cost. There's lots of issues about the relevance and accuracy of the data, but I still find it interesting and business value relevant. So much so, I asked Dr. James Tobin what he thought about it. You will generally be as satisfied with his answer as I was (I think). He gave me permision to use his comments on my web page. When I finish the presentation I'll let you know. Wayne

To: David C. Burns who wrote (1399)	3/2/1999 3:05:00 PM
From: Freedom Fighter	Respond to of 1722

David, >>But I have been enjoying the discussion (apparently more than Wayne has)<< Reynolds and I have been doing this for 2 years. I say or post something that I think would be useful to investors. He responds but takes the conversation somewhere that is relevant to him, his methods and ideas but not to mine. I respond if I have something to contribute, but would really like to keep the conversation brief due to time constraints and relevance to me. (already getting frustrated) One of us misunderstands the other. I am short on time and get progressively frustrated with the situation but feel obligated to make myself clear and so does he. There's another misunderstanding. I can't take it anymore. Then it ends. To clarify to my appearance to you, I look more like a Smirf even if I sound like a grouch. Wayne