That's 1 company. History is riddled with companies who go belly-up. It won't be that extreme with Pfizer in my opinion. If you want a contrary extreme then look at AAPL's performance since 1999.
Equities in 1999 look to have been historically overbought. That was pre-dot.com crash and the P/E on the S&P was in the mid-twenties then. It's in the low-teens now.
Good discussion, by the way. I appreciate history in particular and this is a good dialogue, even if we end up disagreeing.
jbog, the huge numbers you posted are bogus because only a small portion of what PFE spent in the three big acquisitions was cash. One-third of the WYE acquisition and all of the Pharmacia and Warner-Lambert deals were paid with stock.
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