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Technology Stocks : Winstar Comm. (WCII)
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To: SteveG who wrote (8061)9/1/1998 4:52:00 PM
From: silicon warrior  Read Replies (1) of 12468
 
Steve: Help me. Does this mean in layman;s terms: Vogel assumes that over time the markets are rational and that all material information is widely desiminated and factored into the stock price. Therefore, a company should trade at what it's worth. What it's worth may be estimated by DCF analysis (unfortunately only one measure of value; comps and market being 2 others). Since the market should ultimately find that value, it is a "target".
Wish it were that simple, right?? Kinda like, what's the "appropriate" p/e, given agreement on growth rates.
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