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Politics : Ask Michael Burke

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To: Richard Gibbons who wrote (39499)	12/16/1998 1:48:00 AM
From: Shane M	Read Replies (1) of 132070

Richard, FWIW, I'm interested in going long on PSFT too, but am waiting for the stock to find it's bottom. I've seen your comment echoed that Y2K has been a plus for vendors replacing legacy systems and believe it to be the concensus view. In Oracle's recent CC they mentioned that SAP was competing agressively on price, so that can't be good for PSFT. In addition, PSFT's funding the new company for research through a special charge is looking like a shell game, so the earnings you'll be seeing will be inflated. Options are going to be repriced also. This said, I'm liking the negative tone I'm hearing on the PSFT board. They've been burned, and it seems those that are "shakeable" have been or are nearly shaken out of this stock. Longer term I do like their business. Whether their stock will support historical multiples (MB's point) following a recovery I can't address. Shane

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