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Technology Stocks : Semi Equipment Analysis

SOXX 306.04

0.0%

Dec 26 4:00 PM EST

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To: The Ox who wrote (17961)	8/11/2004 11:21:39 AM
From: BMcV	Read Replies (1) of 95639

Do you have any details of S&P downgrade? I agree the market is not discriminating enough about "tech". Here is a telling phrase from Briefing: "Cisco's guidance is barely relevant, but considering valuations in the tech sector, it is an issue...". It is an article of faith that tech valuations are high, while in our subsector, they are low on almost any measure, P/S, P/B, PEG, PE. Your previous point about the four horsemen of the last bull market having become mature companies is also relevant, but overlooked. They ARE expensive, and they ARE tech, as far as the media are concerned.

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