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Technology Stocks : Cymer (CYMI)
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To: Richard Tuck who wrote (15109)2/26/1998 8:46:00 PM
From: Elroy Jetson  Read Replies (1) of 25960
 
Wow! You think a company's future prospects don't matter. I'm blown away. Nothing could be further from the truth.

If you want a 10% return, what sort of multiple would you pay for a company whose business will stop four years from now? You'd pay 3x earnings. If you expect the income to be indefinite you'd pay 10x earnings.

Does it matter whether whether Cymer is in a business that will exist in 2008? It makes a three-fold difference in the price of the stock.

Just think! If the only income that matters is the income over the next few years, periodically Applied Materials has been absolutely worthless. I love buying stock from people like you at the bottom and selling it back to you when every thing is peaches and cream.
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