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[SloJon]

re; P/E...........

The one thing he ignores is variable availability of mkt share. As long as there's a consumer group somewhere in the world w/ purchasing power, P/E's of 7~9 will be unreachable. In the past, high transportation costs have acted as economic "fences", forcing most economic cycles to remain largely localized. This is no longer much of an issue. For proof, simply graph money mkt perf over the last 30 yrs....I'll bet the overall profitability has fallen markedly due to diminished net differences in valuation of world currencies. i.e:The mkt cycle duration is now much shorter than the experts realise....wanna bet?

Slo