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Technology Stocks : Vari-L (VARL) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Sheldon who wrote (1259)	10/21/1999 3:56:00 PM
From: pat mudge	Read Replies (1) \| Respond to of 2702

Robt -- Considering the money they've put into manufacturing, the ROE growth is impressive. I added today, beginning at 11 1/2. Tried at 3/16 and the ask just kept moving higher. Clearly I wasn't the only one waiting for the Nas to turn positive. Will be on CC. Pat

To: Robert Sheldon who wrote (1259)	10/21/1999 6:37:00 PM
From: JBruin	Read Replies (1) \| Respond to of 2702

Robert, I appreciate all of the continued help in monitoring VARL. As far as ROE goes, it is still used as a traditional measure of mgmt. performance. However, many analysts are veering away from it because of its ability to be maniulated. NET INC/BOOK VAL. (the numerator is constantly being "fudged" by various companies). Bad debt, lifo/fifo, dipping into backlog, the list of possibilities are endless (this is theoretical, I'm not accusing VARL of anything). FYI, some use Tobin's Q-ratio approximated by (BV + mkt val. of pref'ds+ mkt val. of common)/ (tot. assets). It's essentially the inverse of Price/Book. So if a company has a low price to book value, it is usually a "bargain". However this also means that mgmt. hasn't "performed". Anyway, it seems the Street likes the #'s so far, I'm hopeful they like the CC. I guess will know tomorrow.