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Technology Stocks : Vitesse Semiconductor

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To: Robert Schwartz who wrote (338)	12/6/1996 9:32:00 PM
From: Clay Cunningham	of 4710

It's not a strategy. The executives like to 'earn' their success through hard work. If you were a baseball player, would you rather win the world series later in life or your very first year? Do you want to have a successful career with steady improvement?-- or do you want to have an up and down career (a loser for a few years)? The executives at VTSS know that they are already set up for a fall--and its not their fault. They don't like to fail. They sold their shares at $28 and below--clearly indicated to the public that the price had advanced far enough. And then they issued new shares at $36. They didn't want it to be a 'free lunch' for the underwriters. If they had gotten $52 like the price was a few days ago, that would have been an additional 48 million in capital for the firm. Of course they are upset about it! Do you think an MIT graduates are stupid? They are not happy with the inflated price and the actions taken by the underwriters. Common sense is being applied here. Learn from the past and follow the example set by US Surgical.

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