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To: ztect who wrote (44)	1/28/2000 9:08:00 PM
From: ztect	Respond to of 177

(gba/art) Market Capitalization: Does Anyone Care? The market is giving incredible market values (market caps) to so many companies that stock valuation seems no longer to be based on such criteria. There is a great graphic on the front of the 12/26/99 Sunday's "New York Times" business page. The short story accompanying that graphic is by Gretchen Morgenson "A Company Worth More Than Spain?" "Crazy markets call for wacky stock valuation methods. Forget price-to-sales ratios; why not rank stocks based on the gross domestic products of world nations? G.D.P., to be sure, is the yearly output of good and services of a country, while market value, a company's total worth, change daily. Moreover, G.D.P. cannot capture all that is generated in the information age. But with stocks so high, it is a telling exercise. 'These stocks have become like major land masses,'...." The graphic is a map of the continents with the market values or capitalizations of companies compared to the G.D.P's of specific nations. Here is a list of some of those comparisons: (mc= market cap, gdp= gross domestic product) mc Jupiter Networks & gdp Cuba = $16 billion mc Microsoft & gdp Spain = $593 billion mc Merck & gdp Ukraine = $161 billion mc Lucent Tech. & gdp South Africa = $227 billion mc Phone.com & gdp Jamaica = $8 billion mc Intel & gdp Poland = $246 billion mc Cisco Systems & gdp Iran = $344 billion mc Hewlett-Packard & gdp Greece = $107 billion mc Sycamore Networks & gdp Tanzania = $19 billion mc Wal-Mart & gdp Argentina = $296 billion ==================== Now tsig sure ain't like any one of the companies in these above comparisons But tsig, even with 238 mil shares OS doesn't have a billion dollar market cap. With stock prices based more on potential and "valued on vision", tsig can justify its current market cap simply since the rest of market is even more irrational. JMHO z