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Non-Tech : Charles Schwab (SCH) -- A tech-stock profile?
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To: yard_man who wrote (355)4/3/1999 6:15:00 PM
From: Peter Goss  Read Replies (1) of 1390
 
Tippet - what the SCH faithful don't understand is that all the good news is already in the price and then some. The earnings better be spectacular. In the past, brokerages always reach the peak of overvaluation at market tops -- the fact that everyone on this thread is looking for $200 (and probably getting that new Lexus today with the anticipated profits)is probably a good indication that we are at max valuation. The perception that this is an internet company and deserves such a valuation is ludicrous. Everyone is selling the story as if Schwab is just getting its growth started - the more accurate perception is that this is probably the peak quarter for all brokerage performance. Paying top dollar at the cyclical peak is a mistake many investors have made in many other industries - the brokerage industry will be no different.

good investing,

Peter
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