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| Preview - Oct. 14, 2003 |
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In early September, I wrote a piece entitled, "Stocks Aren't Cheap -
Part I." The idea it imparted is evident, as is the fact that stocks did not
get any cheaper since this piece was published. Nevertheless, I was a little
surprised to find that through yesterday's close, the DJIA, S&P 500 and NASDAQ
100 were not up as much as I thought they would be, having registered
respective gains of 1.8%, 1.7% and 3.1%.
The missive referenced above covered a wide range, and it was also
quite open-ended in nature. The titles of its main sections were:
* The Economy
* Interest Rates
* Stock Valuations
* Does the "Public" (have a threshold of pain
sufficient to get screwed yet again?)
* Political Considerations
* Bush's Potential Vulnerability
That this work was "Part I" likely left the impression that there
would at least be a "Part II," which was the correct impression. I believe the
time has arrived to go back and review, amend and expand upon this material.
In turn, I will undertake this endeavor during the balance of this week, with
Thursday being the likely day "Part II" will be unveiled.
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