Zeev's Turnips Patch-No Politics (ZEEV)

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IMHO the author is perhaps making the same mistake that pundits in spring 2000 made. Back then, they proclaimed AMAT to be a great value because its P/E was in the lower single digits. What they all have missed is that in a cyclical industry, stock price leads rear-looking reports, therefore, high P/E means a rising reported numbers down the road, and low P/E means a declining set of numbers down the road.