How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 503.37

-1.6%

3:59 PM EST

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To: Mike Milde who wrote (9692)	7/27/1998 9:49:00 AM
From: Reginald Middleton	Read Replies (1) of 74651

<I'm not sure what a "traditional PE strategy" is, but so many people claim that historical methods of evaluating a company won't work anymore. Regardless of where you think the earnings will come from, the stock price will always be a result of people's perception of future earnings.> That is not true. People don't move the market, large institutions do. Large institutions (at least sophisticated ones) do not follow earnings. I have proven this in several stocks by graphing the correlation of analysts' consensus estimates from IBES and First Call, the biggest in the consensus business, against the market values of several companies. You can't argue with historical facts.

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