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Technology Stocks : eShare Technolgies (ESHR)
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To: Tom Hua who wrote (101)12/15/1999 11:14:00 PM
From: Integral  Read Replies (1) of 653
 
Tom,

I appreciate your analysis of this company. There is no doubt that it is enormously undervalued relative to KANA and EGAN. There is a good chance that the valuations will converge over time.

That said, I'm less clear that this convergence won't occur by the overpriced stocks falling to reasonable valuations rather than by ESHR rising to unreasonable valuations. In absolute terms, it's harder to argue that ESHR is undervalued (although I would certainly like to hear such an argument).

In a less volatile market, I might prefer a strategy of off-setting a long position in ESHR by a short position in, say, KANA. Have you considered this alternative? It suffers from the obvious deficiency that overvalued stocks seem to get more and more overvalued in this market.

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