Paul, it comes down to what other choices you have? you can get 4.5% on 10 years treasuries or take in $4.5 earnings a year on a $100 stock (rounding IBM, for example). What would you chose? If you fear a slowly creeping inflation, you can "almost count" on IBM 's earning to at least follow that inflation and maybe eve give you a 5% additional kick of growth per year. Most rational people, while not betting all their eggs on IBM, would put some money on IBM. Since there is still a lot of money being "paid" only 1%, that choice is not difficult. Take COO, I have good visibility of $2.5 er share on an annualized base in the next 12 months, you think that $50/share is expensive? Take AGM probably something around $1.80 to $2.00 annualized (not GAAP but "core" GAAP is actually higher), why not pay for that $35 to $40 per share? Look at some of the big pharma going begging for buyers here, they are becoming rapidly "value stocks" and their groth, while no longer 30% per year, will still be in the 10% to 15%....Of course, once the market psychology changes....
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