Ray,


As much as anyone, you are an advocate for buying stocks based on their P/E ratios. If 30-year bonds were trading at 5%, and the S&P 500 was trading at 5 times earnings, and earnings were growing at 10%, you would say buy, right? And Wildbill, you would say everybody should buy, right?


So, my question to Ray is how do you know how much to buy?


And my question to WildBill is, is there any price people shouldn't pay for indexes?


eLROY