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« What are the odds of 2006 being a positive year? | Main | We're Just Wild about Barry »

December 22, 2005


Barry Ritholtz

One last thought on this: I beleive compared historical TRAILING EARNINGS with present trailing earnings.

This was then compared with the present forward looking earnings. Note -- Wall Street Analysts have tended towards being over optimistic . . .


Thanks for the clarification. I guess I put this comment together with your DOW 7000 forecast, as did some of your viewers (my investors) who asked what I thought about it. These folks are thinking about selling positions -- some might even go short -- based upon your call, so they want to make sure they understand. Even my dad watches you:)

Barry Ritholtz

Note that I did not say it was 30% overvalued -- that was Marl Hulbert's description.

I wrote that based on Asness's study, the market was trading at 30% over its median P/E: "With SPX 29% over its median P/E, it is hardly cheap."

There's an enormous difference between overvalued and hardly cheap . . .

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