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Technology Stocks : Safeguard Scientifics SFE
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To: John Arnopp who wrote (1735)10/2/1998 6:40:00 PM
From: David Lawrence  Read Replies (2) of 4467
 
Remember, the lower the PE of the NAV goes, the wider the premium will be. I know this sounds strange, but the "quality" or "safety" of the NAV is greater now since the upside potential is greater than the downside. Personally, as a holder I prefer the opposite conditions. :-(

Unfortunately, with only rare exception, the market has taken out every high-P/E stock and shot it until dead. Even the "quality" drug stocks have succumbed to some degree. This is definitely not a market for the weak hands, and it's going to take a long time to repair the damage.

FWIW, I would note that the energy service sector did not incur a new round of selling this week. It should be watched for its inevitable reversal now that a substantial base is forming.

Lastly, before throwing in the towel, perhaps it would be beneficial to look upon a longer term perspective:

DJIA: tscn.com
NASD: tscn.com
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