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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 73.89

-1.1%

3:41 PM EST

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To: James A. Shankland who wrote (22119)	2/7/1999 2:05:00 PM
From: Mike Gordon	of 77400

Sorry for the late response to your message. Without going into a 'tautological' binge, I agree with Ed's point that the traditional valuation of PE's isn't necessarily the primary reason why investors buy CSCO or other tech issues. I'm not sure that the retail investors are in control of the momentum behind CSCO. In general, investors see future value in CSCO with the added benefit that CSCO, like LU, enjoys certified revenue, earnings, and profit today. In summary, investors feel that the Internet is the future of the world. Sophisticated investors will invest using some of the old valuation methodology while unsophisticated investors will buy on fads and trends. In today's environment, both will do well. When the market corrects, the unsophisticated will be the first to loose.

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