weekend spi, page-9

Alan Kohlers piece n the smh this weekend is interesting. He does some analysis of stocks vs bonds, including around the 87 crash, and concludes that stocks are still cheap, that there is no bubble, and that further price appreciation is highly likely. He warns that a massive escalation in prices from here would be alarming but another 25% would be fine. He even makes a call to that effect. I'm pretty much in the same camp.