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To: marcos who wrote (21192)	10/2/2000 5:54:03 AM
From: Dale Baker	Respond to of 118717

Do a comparison of the systems players (NT, ALA) to the component players (JDSU and others) and you see a huge difference in multiples. The latter group takes you into the 20-80x sales ranges, with consequent volatility. I have no doubt JDSU will keep selling everything it can make. But the direction of the share price is harder to call. The margin for error is a lot lower when you are riding at valuations that high. This is also an uncertain market as you noted. That doesn't help the high flyers stay on a steady course. Remember that institutional players get out of the riskiest plays when they start to look shaky. No one ever got fired for buying more MSFT and CSCO.