The Market: Too High? Too Low?
Wonder if the stock market is out of whack? Click onto Dismal Scientist at www.dismal.com and slide your mouse over to the market-valuation calculator. Plug in a couple of commonly used figures--a 5% growth rate for earnings, say, and a yield of 5% on the 10-year Treasury bond--and the calculator offers up some distressing news: The Standard & Poor's 500-stock index, it says, is 11.2% overvalued, even after the Mar. 23 plunge.
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