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Technology Stocks : Apple Inc.

AAPL 278.06

-0.2%

Dec 11 3:59 PM EST

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To: van wang who wrote (9721)	3/19/1998 8:29:00 PM
From: Moominoid	Read Replies (1) of 213176

>Sharpe's investment provides alot of details >on the equity mkt...the dividend discount >model is used for utilities, etc I don't doubt that the book is useful but he tends to be dogmatic about the right way to do things. >with tech firms...we principally use earnings... I have been valuing companies on the basis of earnings alone up till now. But began to realize that there were inconsistencies between that approach and the CAPM theory when there are retained earnings. I looked through the chapter in another text which had a hodgepodge of different approaches. I think there ought to be a single correct approach to value all companies - though I could be wrong. I'm off to read the classic paper by Miller and Modigliani (1961) on the issue at our University library (I work for Australian National University).

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