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Non-Tech : Starbucks (SBUX)

SBUX 86.44

-1.0%

Nov 13 3:59 PM EST

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To: Paul Berliner who wrote (736)	6/30/1999 7:30:00 PM
From: benwood	Read Replies (1) of 1506

>I would've even mixed the cheap beans into the Arabica beans to save some money before I bothered to embarrass myself by conjuring up an Internet venture.< This, in short, is why Starbucks will continue to succeed as a company. Short term thinking like that led to the long, slow decline of coffee quality by companies like Folgers and Hills Bros as they flash roasted cheap beans and put them preground in giant tins, thus creating the environment in which Starbucks could flourish. In looking at the numbers, it seems to me that analysts had their mark too high, perhaps because of guidance from the company. Even if they had made 60 cents, it seemed hard to justify a P/E of 86 with a growth rate of 35%, let alone 30% as it now seems destined to be. I took 1/2 my money off the table about 3 weeks ago since I thought it was overvalued, and I regret not acting on the other half this week. Oh well... In the meantime, you shorts will get a couple or three field days - you deserve it after all the suffering of late!

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