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Hi Mike,

I'm not confused.

I was a subscriber to the "rule maker" strategy in the late '90's and early 2000's. I don't think I have to describe the beating I took to anybody who was around then.

What the strategy lacked at that time was a respect for P/E's. I don't profess to know what happened between the "rule maker 'we don't care what the stock costs' insanity" and it's evolutions. I do know that my view of equities is forever changed. If you are buying a stock (or a mutual fund containing stocks) that have a P/E ratio over 25 you are in line to be as big an idiot as I was 5 years ago. Welcome!

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