I've been wondering the same thing. And it's also interesting that though valuation measures of the some affected groups have increased, they are not astronomical as they were for the tech stocks during the Nasdaq bubble. For example, TOL (considered by many as the best premium home builder) trades at a trailing P/E of 15 and forward P/E of 10 (see http://finance.yahoo.com/q/ks?s=TOL). Maybe higher than long term historical valuations, but hardly the stuff of a manic bubble.

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Posted by Amit Ghate to Thrutch at 6/19/2005 02:29:34 PM