Interesting article on P/E Ratios

Here is an interesting article on Graham and Dodd's (Warren Buffet Mentor)
P/E ratio philosophy. They argue the ratio should be taken over a longer
period than the current 12 months. This fits well with Nicholas Taleeb's
philosophy of being fooled by randomness.

Long Term Long Term Long Term.

http://www.iht.com/articles/2007/08/14/business/view.php?page=1