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Gif came in as code, John.
Dan
John Cappello wrote:
> Perhaps the most basic tool of Fundamental analysis is PE ratio.
> Numerous attempts at correlating this have been made and often the
> Technical Analysis defies fundamental logic.Dividend yield currently
> at 1.5% also is historically low. But they both can work in tandem
> with long term Technical Analysis.
>
> Base upon different sources one will find the current S&P 500 P/E
> ratio estimated at 45 to 60. This is high by any standard. At the
> bubble peak the P/E was estimated at 25. and the Nasdaq 100 had
> earnings reported at $12 per share for a PE of 300 plus.
>
> Bronson Capital Research has presented the most meaningful
> presentation of " Will the Real P/E Stand Up" published in April 2002.
> He shows that the last Supercycle Bear Markets of 1932 and 1974 that
> the P/E did not hit its low until 1949 and 1982 respectively. He thus
> postulates that the P/E low may not occur until 2008 + or - 24 months.
>
> Some sources expect the 2002 P/E to be around 30. That may be wishful
> thinking.
>
> Attached is a gif which I hope tails this message and opens properly.
> If not I will direct you to the site.
>
> None of this means that there will not be short term opportunities.
> The game may have changed dramatically with Institutions and
> Retirement plans having lost sight of options other than equities.
>
> Would Benjamin Graham likely be on the sidelines?
>
> Or would he accept the matter atface value and hunt down the best
> values?
>
> John
>
> begin 666 gif00128.gif.gif
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>
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