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Politics : Ask Michael Burke

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To: Greg Jung who wrote (36237)	11/14/1998 6:19:00 AM
From: accountclosed	Read Replies (3) of 132070

Greg, losses and reductions in book value are not lost on me at all. Nor would an unreserved pension liability, lawsuit, etc. I am not calling for a buy in these stocks, just asking for MB's opinion. Realize that we have companies every day going public that have little more than a web site and capture the imagination and sell for 20000 times book. NS book value is 40.74 per share. Trailing twelve month earnings are 2.61. This company has a reasonable balance sheet. Yet the stock is selling for less than 8 per share. We have a stock market bubble here and if nothing else a stock like this is interesting to debate. If only from the perspective of tongue in cheek compare and contrast the valuation model of ebay versus ns. there are low price to book in steels but ns seems extreme. there must be more to the story in ns specifically because it is far worse than the others in p/b. Perhaps you can debate why dumping in steels should be so punished, but "dumping" in dram chips that mu spends more time litigating and whining about than producing chips, is so rewarded in the case of mu. there's a compare and contrast for you...ns valuation versus mu valuation. two dumping, commodity industries. Extremes of the distorted bubble, imo.

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