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Technology Stocks : Winstar Comm. (WCII)
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To: silicon warrior who wrote (9904)1/5/1999 9:56:00 PM
From: Bernard Levy  Read Replies (1) of 12468
 
While today's news regarding the WCII Japanese partnership
are excellent, I view the overall market as increasingly risky.
Beyond the Internet stocks, stocks like MSFT and CSCO
have now PS ratios > 20 and 16, respectively. DELL's valuation
seems to assume that it will soon sell PCs on Mars. The semis
have gone from severe undervaluation to overvaluation (particularly
equipment makers) in just 3 months. A few disappointments,
and we could see a really ugly slide.

The CLECs are not overvalued (except for TGNT, but it
always looks overvalued to some of us), but to paraphrase Alan G.,
I would not expect that they will constitute an island of
stability in a crumbling world. I was dubious of Steve B's
earlier claim that we might see a retest of the October
lows during the first half of this year, but he may well be
proven right.
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