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Technology Stocks : Newbridge Networks

NN 11.97

+5.3%

Nov 21 9:30 AM EST

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To: Peppe who wrote (6575)	9/16/1998 6:25:00 PM
From: Glenn McDougall	Read Replies (1) of 18016

Now Peppe; I am not a NN employee and have been to a greater or lesser degree a NN shareholder for the last 7 years. "Irrational exuberance" what a crock perhaps one could have made the case in 1997 when NNC was $95 but not now. Clearly NN has the products and the R&D to keep the machine going. Also the affiliate companies are just starting to show their value to Newbridge (look at the price ACC was sold for $150 million U.S. profit). What about Cky or Tundra or Vienna they must be worth next to nothing as well. A smart fellow once said buy LOW and sell HIGH. Peppe not the other way around. What about Alan Lutz, I guess he is not doing a good job for the shareholders. TM is no dummy, he has built several very successful companies in the past and is smart enough (along with the board) to know when to bring in new blood. One could make the case that perhaps Terry took a little longer than he should bringing in someone like Lutz but the move has been made and in the last ~100 days Alan has done a great job for us. Customer wins and new product announcements (v3.1 of the 36170 for example) will help to push Newbridge share price forward. Not to mention the relationships with companies like Siemens and Ericsson. UB is over and the company is moving in the right direction. You are correct that the company has lost some of the "cachet" value given it last year. I would think it has moved from a tier one company that is a core holding to perhaps slightly less than that. This offers investors a cheap entry point into a very good networking company that has lots of upside potential. You should know (as I am sure you do) that Newbridge has been the subject of takeover talk. And as much as Terry loves the company, if he feels that this would be best for Newbridge a move will be made. Regards Glenn

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