How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 487.03

+2.1%

2:23 PM EST

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To: Reginald Middleton who wrote (10194)	8/19/1998 2:48:00 PM
From: Gerald Walls	Read Replies (1) of 74651

I took the 11 tech companies who created the most value for thier shareholders over 3 and 5 year periods and guess what... Earnings don't mean didly in 10 out of 11 of the cases. Not to be overly critical but I think you need to do the same test over a longer time span. The last 3 and 5 years have been somewhat atypical both in the extent of the bull market and in the relative performance of growth vs value stocks. OTOH I do agree that growth stocks are the correct long-term bet since fair value ratchets up with growth while with value the under-valuedness of the company will eventually reach zero.

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