Re: Sustainable Stock Prices

[paul davidson <pdavidson@xxxxxxx>]

At 11:50 AM 4/8/00 , Harry wrote:


> John, raises an interesting point. It is interesting because
> I think it involves an incorrect assumption about nature of bubbles.
> I believe the nature of bubbles reflects "subjective" inflated
> estimates of PRESENT VALUE rather than future earnings.


But Harry , unless you are using a different language than most economists,
the present value is the discounted (expected) future earnings.

Paul