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Biotech / Medical : Coherent (COHR) : Anyone else holding?
COHR 154.52-3.0%Nov 7 9:30 AM EST
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To: Doug who wrote (415)1/22/1998 1:26:00 AM
From: Dan Packer  Read Replies (2) of 788
 
Doug, you'll have to bear with me. I still don't get your point. I think you are saying that because the 'market' has assigned COHR a low PE multiple there is something wrong with the company.

I look at the market as a voting mechanism, not a weighing mechanism. I believe that the 'market' has underpriced COHR for whatever reason. I like its technology and market position in many areas. I like its new directions. So long as it continues to generate free cash, I believe it will eventually be included in the price. I'm happy that the market has 'assigned' it a low multiple. I believe that the market is currently mistaken, and have taken the liberty to buy shares. If the market turns around and overprices COHR, I will hand the shares back in and allow someone else to enjoy ownership for a while.

ie, I try to work from a 'normalized' value for a stock. If my price is above the market's price, I buy. Its that simple. I use the same technique at the supermarket. BTW if you want a quick supermarket test - check soda crackers. One brand should be ~$1/box. Range is often $0.60-$2.25 per box. Check it out. Prices go up and down - apparently random, just like the market.
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