eBay

[Doug Henwood]

With Rivlin leaving, this may especially be history, but the new Grant's
Interest Rate Observer quotes an unnamed brokerage-house analyst as saying
eBay <http://www.ebay.com> is cheap at 55 times net income projected for
2009. Since 1871, the S&P 500 has averaged a P/E of 12 times income 10
years out, and a median of 8; since 1945, 7.1 mean/7.0 median. If 55 times
is cheap, I'm Alice Rivlin.

Doug