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Technology Stocks : Paychex (PAYX)
PAYX 109.67-2.6%Jan 13 3:59 PM EST
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To: John A. Snell who wrote (84)3/18/1998 6:00:00 PM
From: Clay Degenhardt  Read Replies (2) of 210
 
John- I can relate to your post. I'm living in the silicon valley, but am a native of the rochester area and follow the progress of Paychex. I'm in and out of it periodically, but sure wish I had bought it as a long-term position a few years ago. Galisano is an excellent businessman and has done well building Paychex; I know a few people who have had very positive dealings with him. The stock has a fairly high p/e, but deservedly so. They have a good supply of cash to weather an economic downturn and are well positioned to invest in new opportunities. Unlike the irrational exuberance over many companies out here, this one has tangible expectations for growth. As the reputation of the company and management expands, so will the business and likewise the equity investors have placed in PAYX. I would not recommend it to someone looking for a short-term kill, but it's definitely a great investment for growth.
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