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Technology Stocks : Adaptec (ADPT)

ADPT 16.23

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10:34 AM EST

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To: Joseph Francis Torti who wrote (3211)	7/27/1998 10:56:00 AM
From: Jim Switz	Read Replies (1) of 5944

Interesting article "The Case Against Earnings", pointer to it found (amazingly) on Yahoo's thread. It puts an emphasis on cashflow, and points out that tech companies, especially, need to take some cash from what would otherwise be "earnings" and spend heavily on R&D, marketing and M&A in order to continue growing. rcmfinancial.com Here's a timely quote: If a company is situated in a high growth industry and a volatile, competitive environment and it insists on repurchasing shares instead of reinvesting economic cash flow for the future, it probably means that management can not find any suitable investments for the future. This is a big red flag.

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