We caught a couple minutes of Barack Obama talking to reporters, and one of the things we heard him say was that you shouldn’t focus too much on the day to day gyrations in stocks, and that the market was like a tracking poll in politics. Ok. But this is really weird. Apparently the President fancies himself a stock market analyst:
ABC: “What you’re now seeing is … profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it,” the president said on a day that trading continued to hover under 7,000.
What the hell? What’s the President doing talking PE ratios?
And more importantly, what does he think of Siegel’s approach to calculating PEs? Inquiring minds want to know.