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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 77.95+0.2%Dec 5 9:30 AM EST
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To: Gerald Walls who wrote (34253)4/20/2000 8:15:00 PM
From: Kashish King  Read Replies (1) of 77400
 
Gerald,

CSCO has appreciated about $10 since I decided that it was a lousy investment based on price. I would have drawn that conclusion when it was in the $20 to $30 range but I wasn't paying attention to it at the time. Stocks with ultra-large floats are prime pump (no pun intended) targets for mutual fund managers since they can exit quickly without dragging the stock into the toilet. They love to pump these stocks, they have no real clue where the technology is going. That is why they have marketing jobs -- they sell stocks and while they own it they will have nothing but ultra-positive things to say about it. After they sell they'll explain why it's not such a good investment. Why it got ahead of itself and so forth.

As you can see, the market drove CSCO up to $80 which blew right past my most optimistic and high-risk valuation of a $20 to $30 range. Having done that, my mind hasn't changed. Ignoring the current and future price-to-sales ratio (that is, ignoring the market cap) is foolish. Maybe you are here to tell us that there is no limit to a stock's price? Is so you can save that information for somebody more gullable, preferably somebody who can't count.
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