Stock-market valuation models have been flashing warning signals since the start of the year. So far, at least, they've been wrong. But that doesn't mean it's time to put all the black boxes in a black box and bury them . . . The stock market is clearly priced for perfection. If perpetual prosperity continues uninterrupted, then perhaps the market's exuberant expectations will be realized. I, however, see more potential for disappointment, given the extreme optimism about long-term earnings growth embedded in current market prices.
Ed Yardeni in Next: Dow 8000? $$ from Barron's (9/6/99)What the American public doesn't know is what makes them the American public.
Ray Zalinsky (played by Dan Aykroyd) in Tommy Boy (on HBO - 9/5/99)
Copyright © 1999 Investor Home. All rights reserved. Disclaimer