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Pork and Change
"Keith Nuttle" wrote in message ... HK wrote: Stocks have been grossly overvalued for years. Now they are down closer to where they belong. There's only so far a corporation can go with fraudulent bookkeeping. In 1986 when the stock market was running about 1000, I heard an accountant I worked with said the same thing. He gave me all kinds of reasons that the market would not go above 1000. Five years later the market was at 2500. 10 years later it was at 12000. While what you say is probably valid if the currency is tied to something like gold, but when the currencies float against each other it becomes invalid. Very good point. Eisboch |
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