You said FCX has a forward P/E of 9.13. So even if FCX indeed is safe but offers little growth in the future, the earnings yield is 11% per year. Don't you think that's abnormally high?
As to IBM, I just looked at IBM's chart. In 1999 IBM was $130, and now 11 years later it's still around $130. Again, if IBM indeed has had "superior" accounting earnings for years, then the logical question is, why didn't share price reflect it?
Fundamentals are fascinating, but they raise more questions than answers. That's why I trade price only.


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