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Technology Stocks : Adaptec (ADPT)

ADPT 19.12

+3.1%

3:59 PM EST

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To: Mark Brophy who wrote (2340)	5/20/1998 2:53:00 PM
From: The Philosopher	Read Replies (1) of 5944

>>A better valuation indicator is book value Yes, if you can trust the book value numbers. My problem there is the difficulty of evaluating the fairness of book value--high tech equipment may be bought that only has an effective usable life of 3 years but gets depreciated over 7 years, so you have four years of value on the books that is meaningless; or you have a fully depreciated plant that is still producing good profit, or land in Silicon Valley bought in 1985 cheap and still held at that book price. I don't have the skill to correct book values, whereas I'm pretty up on watching for problems in earnings I have to correct for.

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