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To: The Phoenix who wrote (38505)	1/28/2000 12:10:00 PM
From: Mehrdad Arya	Read Replies (1) \| Respond to of 45548

Gary, did you forget my post divulging the cracks in the Wintel monopoly, I would suppose everyone else surmised the same thing. Dell is just a piece of the crust around Wintel, you have to see much deeper into the food chain and understand the ramifications associated with the transformation of the technology sector. MSFT and Intel's forays outside their core business is in itself indicative of weaknesses in their core businesses. Competition will unequivocally erode at their monopolies as we evolve from a PC-centric world to the future Net-centric world. I think I am one of only a few that has emphasized this, and please remember that my conclusions will not come to their fruition immediately. As most investors know the results of major transformations lag by months and in most cases years. Now I am on record regarding Cisco, MSFT, Intel. I have also stated that QCom was way ahead of itself. It should also be emphasized that I have never said any of the aforementioned companies were inferior or bad, but as an investor I have ridiculed their multiples and pricing. If anyone thinks that these companies can continue their phenomenal growth indefinitely, he must be living on another planet. Let me put it to you in another way, let us assume Cisco had absolutely no competition do you think it could grow at 50% indefinitely? Have you forgotten the term Zero Sum. Yes, absent of no competition they can charge higher prices but that in itself would circumscribe their growth. What happens when the core is built? So they diversify, but just because they were successful in one area is no guarantee of success in another. Usually competition would cut into margins, hence, earnings. This would then not support the current multiples ascribed to our dear companies, such as Cisco, Dell and MSFT.