I can't believe it, really.
This year, the market has degenerated into the beauty contest Keynes said it was. You can be right that QUALCOMM ends up a $500 billion company by 2010, but in 2000, not enough other folks agree and that's what counts. Likewise with fiber optics, CSCO, ARBA, YHOO, TXN, NOK,VRSN,CREE, etc.
KO will be given a pe of 50 on single digit revenue growth,because it's bound to be around forever, but CSCO is "expensive" at a peg of about one. Like CSCO, as a metaphor of the net, won't be around forever. I am sure we will be going back to soup cans connected by strings any day now.
Other companies, like SEBL and CHKP and BRCM have been generally left off the hook this year. Why? Who the hell knows. More people like 'em. That's what "investing" is all about, right? |
