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Technology Stocks : Dell Technologies Inc.

DELL 133.20

+5.7%

Nov 26 3:59 PM EST

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To: McNabb Brothers who wrote (18902)	10/23/1997 2:28:00 PM
From: Paul van Wijk	of 176387

Hank & Hank >> Could you please tell me what kind of dip you're looking for! I don't know if you mean Dell or the market in general. Don't expect numbers or a time-frame from me. The main reason why I sold 75% of my Dell-shares lately is that I think they are a bit overvalued at this moment. About one year ago I bought my first Dell-shares (just after Q4-announcement). Their P/E-growth was over 100% at that moment. Their P/E about 28. Since then their P/E almost doubled, while their P/E-growth slowed. That gives Dell at this moment very little shortterm upside-potential in my opinion. Another point is that their is a lot of uncertainty about the impact of the 1000-PC, and the pricewar that is going on. Also the market in general is a little bit nervous lately (and overvalued, at least average P/E are at or above historic highs). And I'm sure their will be a lot of jitters at the end of november when Big All will possibly raise interest-rates. I already mentioned before that the Nasdaq-index went straight up from 1200. On the other hand, I know that it is impossible to TIME a drop of Dell's share-price. Many have failed so far. (Ask our beer-hunter, Sig). I just wait until happens. Maybe it will be this week, maybe next month but there is also a chance I have to wait longer. So be it. But I'm still bullish on Dell long-term. Their future still looks very bright to me and it is a very save investment. So that is why I will buy the moment Dell declines significantly. Paul P.S. The reason why I didn't sell 100% is that I feel naked when I don't own a part of one of the greatest company's in the world.

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