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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 76.04

-0.3%

Nov 26 3:59 PM EST

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To: Jacob S. Rosenberg who started this subject	1/2/2001 10:25:35 PM
From: Bob Davis	Read Replies (1) of 77400

CSCO's growth over the last five years has been strong, but not strong enough to warrant its current market price, even after its substantial price declines in 2000, and even after using data in the valuation analysis that has been "normalized" to purge write-offs and other non-recurring items out of its financial statements. This is based on an analysis recently published by The Napeague Letter that shows CSCO's relative overvaluation. This analysis includes charts and worksheets supporting the stock's economic valuation, as well as a more complete explanation of the analysis methods used. Just to make one point clear, recently, an article in the October 23rd issue of Barrons raised some controversy about the accounting techniques used by CSCO to account for their numerous acquisitions over the last several years. I have reviewed this article, and in general I do not share its author's concerns. Click on the blue "Bob Davis" at the top of this post to find the URL for the Napeague Letter web site. Bob Davis The Napeague Letter

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