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Non-Tech : BBY -Best Buy

BBY 73.95

-0.6%

3:55 PM EST

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To: Greg Thornton who wrote (732)	3/4/1999 3:18:00 PM
From: Jeter C. Hall	Read Replies (2) of 980

It has good rising margins! Gross profit margins increased to 17.9% and 18.3% of sales for the three- and nine-month periods, respectively, this year compared to 16.0% and 15.9% for the same periods last year. Increased gross profit margins were due to continued progress on the Company's initiatives to generate more profitable assortments, increased advertising effectiveness and improved inventory management. sec.yahoo.com Would you pay a P/E multiple of 103 for Xerox which is expected grow its operating earnings 16% over the next 3-5 years or would you rather pay a P/E multiple of 79 for Dell which is supposed to grow its earnings between 35-50% for the next 3-5 years or P/E multiple of 50 for BBY for earnings growth of 20-25%? Your pick. P/E isnt so relevant in this information age. I would question stocks with a low P/E. There could be a reason for it. Long time BBY holder. BBY was just a diversification from a high concentration of tech stocks:DELL,CSCO and EMC. Im now seriously looking to get in CMGI with P/E of 130! Good investing, Jay

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