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Technology Stocks : Ascend Communications (ASND)
ASND 212.55+1.2%12:59 PM EST
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To: Dee Jay who wrote (1649)1/17/1997 8:49:00 PM
From: Stan Thiemann   of 61433
 
What a ride! I had previously decided to liquidate my humble position in ASND, and when I checked the price around 11am this morning I couldn't believe my lucky timing!

Here's my rationale for selling now:
1. I've got a nice return from late June until now, and it's 1997 so my capital gain won't be taxed for another 11 months. Investing rule #1 says never be ashamed to take a profit.
2. I continue to follow the company with interest, but would like more confirmation on the telecom market's acceptance of ASND's new products (particularly the high speed GRF switch since this is their first major thrust into the broader Cisco-dominated networking marketplace).
3. ASND's lofty multiple is uncomfortably ahead of it's consensus growth prospects (First Call report 1/16/97 showed 1996 p/e 62.6 vs projected 48% eps growth).
4. Contrarianism. So many people are saying buy, the climate is ideal to sell.

BTW, the way this stock streaks, it's easy to forsee opportunities for jumping back on board on a future dip. You can't fault the industry they're in, the management, nor their innovation.

Finally, thanks to Silicon Investor and all of you who post to this thread. The level of discourse here is very informed, and you've been a helpful forum in helping me interpret this market.

Many happy return$,
Stan
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