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Technology Stocks : Silicon Graphics, Inc. (SGI)

SGI 92.96

-0.9%

Dec 15 3:59 PM EST

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To: sea_biscuit who wrote (1247)	4/28/1997 6:40:00 AM
From: Jeff Maresh	of 14451

Dipy - In the current issue of Barrons there is an article entitled "Tech Dreck?" which is an interview with high-tech fund maven Roger McNamee. A quote from the article that is appropriate for SGI: "Over time, McNamee notes, technology stocks tend to be affected by three key factors: 1) the strength of their business model - their profitability and capital structure; 2) the sustainability of any market share and intellectual property advantages they have over their rivals, and 3) where they sit in their product cycle. The last factor, McNamee says, often fouls up technology investors. The Street tends to overweight the most recent data point, he says. Everyone connects the dots and assumes the trend goes on in perpetuity. People get confused between positioning and product cycles. For that reason, he says, investors tend to underestimate corporate strengths as product transitions near, as demand slows and margins sink. The basic fact, he says, provides frequent opportunity - and it's a keystone of Integral's investment approach." Sounds like he's been reading Fisher. Regards Jeff

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