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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 76.94

+1.1%

Nov 28 9:30 AM EST

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To: Thomas Scharf who wrote (14860)	6/30/1998 12:20:00 PM
From: Paul Shread	Read Replies (2) of 77400

Thomas, Close your eyes. Ignore short-term fluctuations. Check CSCO's price again in two years. Give this stock to your grandkids. Put it in a blind trust. BUT DON'T SELL!!! If this isn't THE 21st Century telecommunications firm, I'll eat my shirt. The way this company survived -- and thrived -- through the networking bear market leads me to believe they can survive anything. The heads of rival networking firms should be taken out and short for the asinine cost-cutting they did. They took on CSCO and lost. If CSCO didn't lose to some pretty powerful upstarts, they won't lose to NT and LU. Besides, the telecom world is huge compared to the networking world. There's plenty of room for more than one company -- NT and LU have proven this for years. I think there's two things going on with CSCO. The first is I think it has become an internet stock and is thus getting lumped in with that hysteria. But more fundamentally, I think it has joined MSFT as a company with reliable earnings that the market is willing to pay up for. I'd look for them to trade at a 50 P/E for as long as we are in a bull market. And when the bull market ends? Stocks like MSFT, CSCO, GE, KO and G will lose half their value. We'll be in good company. Only CSCO will be growing faster and so will bounce back sooner. Just my opinions. Good luck to you. By the way, I hate covered call strategies -- all downside and limited upside. If you're that worried, sell as much of your holdings as you need to to sleep well at night. But don't forget, CSCO would have to drop 20% to match the taxes you'd pay on anything you've held longer than 18 months. Until the interest rate picture changes dramatically, we are in a long-term bull market. Enjoy it. Paul

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