Hi C,
Here is the portion of the article that relates to Dell (and others). I notice every one of these "overvalued" stocks have been winners:
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"The managers' antipathy to the market's priciest stocks is readily apparent in the list of issues they consider overvalued. Amazon.com, which garnered 49 votes as "most overvalued," and Yahoo, which racked up 37 votes, have no P/Es by virtue of the simple fact that both companies remain unburdened by earnings. Instead, they're valued at multiples of sales, and rather hefty multiples, at that. Dell Computer, which earned 42 votes for most overvalued in our latest survey, sports a P/E of 76 times its last 12 months' net. Microsoft, considered most overvalued by 22 Poll participants, has a P/E of 52, Coca-Cola, with 19 votes, a P/E of 45. And Coke's operating earnings are likely to grow by only 3.5% this year and 6% next.
Honesty compels us to report, however, that many stocks the managers pan have tended to rise more than their favorite issues. (See Report Card) That's because their pans in recent years have tilted disproportionately toward the mega-caps, or so-called Nifty Fifty, that dominate the S&P 500. And the S&P, at least in recent years, has been the bull market's leader."
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TCB
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