Friday, September 26, 2008

Blast from the past

An Amazon customer review of DOW 36,000:
Strong evidence for a market with P/E's of 100+
September 28, 1999
By A Customer
Glassman & Hassett pose a strong argument that the market is undervalued. In a nutshell, his reasoning is that, long term, stocks are no more risky than fixed return investments like bonds. Yet, because earnings tend to grow, they have higher rates of return. This suggests that stocks will rise in price until that gap is closed, which conservatively indicates a 36,000 Dow. Impressive data to back up a strong thesis!

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