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Non-Tech : Silicon Valley Bancshares (SIVB)

SIVB 0.00600

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Nov 7 4:00 PM EST

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To: Kelly Sheppard who wrote (44)	2/18/2000 2:15:00 PM
From: Robert Douglas	Read Replies (2) of 56

$0.34 a share in earnings in not going to make much of a difference? Am I misunderstanding you? At a 25 P/E ratio, this would equate to an additional $8.50 in share price... Remember that $0.34 earnings is a one shot thing. It will not recur each year and the market isn't going to add $8.50 in value to SIVB's shares for it. That is why those of us who own SIVB have to be careful in differentiating income from warrant sales and income from interest income. Now I suppose the case could be made that every year a new crop of warrants will become valuable and eligible for sale but here too we must remember that there will be bad VC and IPO markets as well as good ones. That is why I am not getting overly excited about Garage.com. It's just another asset that has borne fruit. It's value adds another drop in the bucket of us shareholders but other assets will be required to produce other drops. As for March 6th. I have no idea. Maybe someone was spreading a rumor.

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