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Technology Stocks : Dell Technologies Inc.

DELL 124.09

-3.0%

12:14 PM EST

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To: Paul Merriwether who wrote (32521)	3/5/1998 7:14:00 PM
From: Chuzzlewit	Read Replies (3) of 176387

Paul, I don't mean to be flippant, but there are some major problems in your arguments. The first one is there is no evidence of a slowdown in demand for computers. See the post by Robert Hummer a few posts back for the news link. The thrust of the article is that Intel's problems are Intel's and not the computer market. The second problem in your position is one of valuation. Nobody has generated a decent valuation model that takes growth into consideration. You point to the sector as a speculative bubble, and you try to sell short at as high a price as you can. Venkie sees DELL as undervalued and is buying all he can at as low a price as he can wrangle. So eventually you and he (allegorically speaking) come to terms and a market is made. We have a balance of expectations that reflects each constituent's point of view. MPT says this is the value of the company. So I challenge you, as I have every other bear: what is the value of Dell, taking into account its perceived growth and the current bond market. Show me your thinking. I will say this without equivocation: I've been in the market since the mid 1960's. I buy and hold good companies. I don't trade. On an annualized basis I've earned well over 25% per annum over the years. Some years, like 1987, were absolute disasters. Other years, like 1997, were gems. In the long run investing in good quality companies pays off. Trying to time the market does not. Had you bought 500 shares of MSFT the day before the October '87 crash you would be a multimillionaire now! Regards, Paul

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