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Technology Stocks : INTC

INTC 40.91

-1.0%

2:51 PM EDT

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To: Jules B. Garfunkel who wrote (933)	4/14/1999 7:18:00 PM
From: Harry Landsiedel	Read Replies (1) of 990

Jules B. Garfunkel. Re: "Where is the rationality?" Of course, we know the answer to that one. There is limited rationality in the market in the short run. I always remind myself of Benjamin Graham's dictum: "In the short run the market is a voting machine. In the long run, it's a weighing machine." In the case of IBM, it's the money flow and an easy to understand "story": moving to services away from hardware and e-commerce. Intel's drop doesn't bother me. I'm not planning to sell for a long time. I like it when a stock's forward P/E stays close to it's growth rate. When the PE/Growth rate gets to be 1.5 or higher I get nervous. My real concern is that prices cannot forever outrun earnings and when the correction comes it could be very nasty and brutish and not necessarily short. Intel will be taken down in that kind of downdraft too, even though it's not deserved. I have not figured out what to do. Any suggestions? HL

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