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Non-Tech : The Critical Investing Workshop

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To: stantheman who wrote (724)	1/15/2000 6:02:00 PM
From: Jim Willie CB	of 35685

Stan, I think the issue with Telecosm stocks is different "less dependence on borrowed $$ than other non-tech companies" I dont think that is the central issue older slower companies lacking serious growth are vulnerable to the prevailing interest rates their PEratios run consistently with the inverse of interest rates Telecosm stocks that are likely to change the face of our entire society are not dependent upon borrowed money... they are given valuation on the future size of their business operations what difference does it make for interest rates to be 6% vs 7% ?? more the issue is whether CDMA for theQ reaches 85% vs 45% adoption rates by end of y2001 if a firm's revenues are likely to grow 10-fold, then a marginal hike in rates is immaterial... it aint borrowing costs that define the valuation... it is revenue growth and owning an emerging tech platform / jim

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