November 29, 1999

Market valuation is the Holy Grail for active investment managers. With market values at unprecedented levels, the New Economy is testing the limits of most managers' market valuation models. Some of the common variations of these models include capitalizing market earnings. Others use a slightly different variation of that: they compare the market earnings yield to the yield of the bond market. Either way, the conclusion reached using those models is that the market is overvalued to the tune of something like 30%.

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