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Technology Stocks : Western Digital (WDC)
WDC 176.34-5.8%Dec 12 9:30 AM EST
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To: Pierre-X who wrote (7520)11/13/1997 12:23:00 AM
From: Berney   of 11057
 
Pierre, Let me try. I've got friends into thousands of shares
of WDC. Started buying in July at $34 and wasn't smart enough to
sell the end of August when all my technical indicators said to do so.

I've found that the biggest damage I've done to portfolios in the past
was to panick by reacting to the short-term news. I listened to the
cc over the weekend and was impressed with the mgmt of this co. At
least they recognize the problem and are working on it now. Whereas,
Friday QNTM puts out a release saying it is not our problem. Who are
they trying to kid?

WDC mgmt didn't have to make this announcement 5 weeks into the
quarter and I respect them for doing so. The quality of mgmt is of
paramount importance to the long term success of an investment. But,
I still say it would have been cheaper for SEQ, QNTM and WDC to each
offer Fujitsu 1% <g>.

I have this little formula that is from Benjamin Graham's book [The
Intelligent Investor]. Even with all the recent downgrades, folks are
projecting (by my computation) average EPS this year of about $1.96.
Using this formula gives WDC a fair market value of about $58. I sit
here and hold, the bulk of the damage has been done, and when I
perceive the blood-letting is over, I'll buy some more.

Berney
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