Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: Reginald Middleton who wrote (28556)	2/20/1998 7:29:00 PM
From: Jefferson Prescott Dewhurst	Read Replies (2) of 1572492

Reginald, <<You are assuming that earnings relfelct actual value.>> I haven't assumed anything. Since there are no earnings THE MARKET has assigned the value of the assets at ~$19/sh. <<It gravitates towards the market value of the assets and not the book value.>> This is exactly my point. The "MARKET Value " of the assets is ~$19/sh. It's not $8 or $12/sh as your faulty analysis indicates. <<You are inaccurately casting earnings multiples as a reliable way of valuing the company. It is not.>> Incorrect. I am stating that the RISK INCREASES to the extent that stock prices are based on multiples of earnings estimates vs. a situation where the stock is selling @asset values which are less volatile and more reliably estimated. Dewy

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