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Technology Stocks : Vitesse Semiconductor

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To: Robert Schwartz who wrote (323)	12/2/1996 8:00:00 PM
From: Clay Cunningham	of 4710

I disagree with your analysis. First, most money managers expect the strong, large companies to be the winners of the technology war. So Microsoft and Oracle cannot even be compared with VTSS. But one clearly sees that these companies offer tremendous growth potential and are much less risk than VTSS. Anyway, Microsoft's PE ratio is only 42, not 75. PeopleSoft, the big winner you discuss, was selling for about $35 earlier this year--that's less than the $40 price it hit back in the early 90's. I expect VTSS to hit the same price lull. Also, PeopleSoft's sales have doubled from 1995 to 1996. VTSS's sales went from 42 mil to 66 mil--and present sales aren't going anywhere. If you want to compare VTSS with something meaningful, compare it to Intel--selling at only 27 times earnings even after its runup. Boy, even though its high priced, I feel much more secure in it--because I know the strong will survive.

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