Zeev's Turnips Patch-No Politics (ZEEV)

[Ace Hanlon]

P/E ratios are not that useful in calling troughs since earnings usually are very depressed near the bottom. However looking at things like price/sales ratios, dividend yields, and price/book value ratios -- valuations at the October bottom still were far above previous major bear lows. So I do expect lower lows. But we may not see them until mid-2003.