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I have thought the Dow was overvalued since it hit 1200 in the early 80's.

In my opinion current fair value about 3000 - 4000.

But what do I know ?

by acurmudgeon on Tue Sep 1st, 2009 at 03:07:46 PM EST
Welcome to ET, acurmudgeon!

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt ät gmail dotcom) on Wed Sep 2nd, 2009 at 04:39:56 PM EST
[ Parent ]
Precisely my own thoughts.  My other response to this diary is to remember that the Dow Jones is NOT the economy, and less so now than before.
by Andhakari on Fri Sep 4th, 2009 at 01:28:54 AM EST
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Just follow the Dow.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Fri Sep 4th, 2009 at 03:42:39 AM EST
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One cannot infer causality from correlation.  My brother made a lot of money for a while by speculating in commodity futures basing his predictions on Fibonacci ratios.  Needless to say, he's just another aging working smuck now.
When price / earnings ratios ceased to be as important in financial predictions and investment decision making as the occult and magical mathematics, the stock market took on magical properties as well.
Now we may get to see it behave like a rabbit in a magician's hat.
by Andhakari on Fri Sep 4th, 2009 at 05:16:19 AM EST
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