Winstar Comm. (WCII) Message Board

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Technology Stocks : Winstar Comm. (WCII)

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To: silicon warrior who wrote (8062)	9/1/1998 5:10:00 PM
From: SteveG	Read Replies (2) of 12468

SW- I don't think anyone would assume instantaneously perfect market efficiency. There would be no a market. No one would be justified in either buying OR selling. So market theory notwithstanding, I think fundamental analysts try to discover and highlight overlooked pockets of valuation inefficiency (information arbitrage). Is WCII's market efficient? Do the people who buy and sell these companies really know what bandwidth is? How important it will be? The difference between backbone and local loop BW? What companies are even CLECs (Cramer!)? What companies have funding through to cashflow positive? Without doubt, more than ever before, technology creates serious "information" and "understanding" inefficiencies, such that we can easily be significantly ahead of the "pack" (if not plain wrong - and this is where knowing the field comes in and lets you sleep, unless you bet that the "pack" would in fact fill that understanding gap within a specific timeframe.) So for FA on companies with negative cash flows, DCF models are the best we have. Look at their various assumptions and see if you agree with them.

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