When the economy was going full tilt, investors extrapolated rising corporate earnings further into the future than any expansion had ever lasted. Dumb. Booms always bust. And now that the bust is here, shortsighted investors are acting as if there will never be another boom. Dumb squared. Early in a downturn, as now--not late in an expansion--is when you should take the long view in determining if a stock is fairly priced.
And the long view says that, assuming a recovery in 2002, some battered tech giants are getting discreetly attractive.
Much has been made of the coincident slide in tech...
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