all cards are in place, page-4

Huntleys are conservative well established advisors so that carries some weight... all the same, the p/e is a denominator driven calculation... if earnings contract then the p/e suddenly becomes very high... and it can happen quickly... it also depends on whether you use trailing earnings or forward earnings in the calculation... forward earnings are estimates subject to warnings further down the track... even trailing earnings can be revised as we have seen many times recently as companies have to restate earnings after options backdating, sorbanes oxley, fraud, accounting errors...