The Black Box

[wahz]

IMHO, e on the spx will be around 50 this year and we are at 880 or so. 17.6 pe. Although the pe was around 13 in 1982, I was there, I had money in a 6 month cd that was paying 20%. Th relative cheapness of this market is extraordinary, imo. The problem is that no one cares, and the additional problem is that there are no investors left, so NO ONE CARES.