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Technology Stocks : Vitesse Semiconductor
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To: Robert G. Harrell who wrote (715)7/12/1997 4:35:00 PM
From: Bruce R. Schlake   of 4710
 
The point is not that we are deciding to buy a stock with a high multiple as your examples suggest. The point is that we are deciding whether to sell a stock with a high multiple.

You could say if I wouldn't buy it today, I wouldn't own it today or you could say if you buy it right you can keep it for life. How many times have you sold a real winner early and instead of a 10 bagger you get a 2 or 3 bagger. So maybe there is a pullback. How far will it go?
Will you have to buy it back at a higher price? Will you miss buying it back? Are there tax consequences in your sale? Is there a better investment elsewhere? Have the technicals broke down? Have the fundamentals changed? Is the technology getting leapfrogged? Are they a market leader? Is the market growing? What is your faith in the estimates?

What does your man say about selling? That is the real dilemma here. Thanks,

Bruce
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