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Technology Stocks : Vitesse Semiconductor

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To: Todd Frank who wrote (180)	9/8/1996 2:20:00 AM
From: T. WIN	of 4710

I also did a little value check on VTSS. Assuming, VTSS's earnings will grow at 50% for the next 12 years, which is very optimistic assumption, especially with a technology company. According to Peter Lynch's principle, I will break even by the year 2004 (pay $34/share today and get in return annual earnings discounted at 10%). Of course, if VTSS's earnings grow faster than 50% I will break even sooner, but what's the chance of that, they lost money just a couple years ago. Do I want to buy at this price and wait 8 years to get my money back? ABSOLUTELY NO!!! The time to buy VTSS is three years ago at $3.00 a share. I don't want to be a Cabot Letter's victim. I have a feeling those guys already loaded up on VTSS.

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