wqeberly-Thanks for the reply! It has been a while since I have looked at this board. Didn't Ben Graham say something similar, like anything above 20 times earnings was too high for most investors? What I do not understand is how certain stocks with high P/Es can be considered "bargains." It seems to me that as the price of one of these stocks increases, then any sort of future earnings are diluted by the amount paid for it. In other words, the possible earnings seem inconsequential to the high price.Mike
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