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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 75.19

-0.1%

Jan 16 3:59 PM EST

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To: Brian Malloy who wrote (28012)	8/29/1999 7:16:00 PM
From: Mehitabel	of 77400

Brian-- thanks for an excellent post. Like you, I remember the 1970's and 80's well, and agree completely. There is no comparison to today, and your post summarizing the differences is very welcome. On the subject of "excessively high PE's", I would like to add that Abby Joseph Cohen has remarked that "average PE's" are very misleading, because they overlook the underlying fundamentals at various periods. When you look more specifically at the periods when PE's were high, they were periods when the fundamentals of the economy were excellent-- low inflation and low interest rates. On the subject of CSCO's "excessively high PE" in particular, I would like to add that CSCO's premium is partly the result of 6 consecutive quarters of accelerating revenue growth, and that this accelerating growth is likely to continue into the forseeable future. We can only "see" through to a year or so ahead. Looking one year ahead, CSCO prospects look terrific. Thanks again for your outstanding remarks. best regards

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