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Technology Stocks : JDS Uniphase (JDSU)
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To: Boplicity who wrote (10083)5/9/2000 12:56:00 AM
From: Hank Stamper   of 24042
 
P/Es well beyond historical norms are sustainable only as long as conditions are perfect including no inflationary pressure and low interest rates. Not the present conditions. In fact, inflationary pressure is on waxing as are rates. That, then, says that we will continue to see valuation contraction.

"If the market decides that CSCO will have to be valued at a lower price, so will other stocks. "
When the tide falls, all boats follow.

Ciao,
David Todtman
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