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A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web

Many investors and most of the financial media reflexively refer to trailing price-to-earnings ratios as the primary measure of a stock’s "cheapness" or "expensiveness."

The assumption is that stocks with lower PE ratios are more of a bargain and will outperform. Morgan Stanley analysts believe this is a big mistake, and that future investment return have nothing to do with high or low PE ratios,

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Follow on Twitter: @SBarlow_ROB

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