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To: Mama Bear who wrote (2527)	10/30/2000 1:52:34 AM
From: Tom Kearney	Read Replies (2) \| Respond to of 57684

There is no historic norm for what is happening today. Take CHKP for example. This company has a 50+% NET profit margin! And it is still increasing the rate of earnings growth. INTC, a MANUFACRURING company, has a 60+% gross profit margin, and several other chip companies are at that level. GM, Ford, GE, etc, never had profit margins like this, and never had to increase manufacturing capacity 5 to 10 TIMES in a few years, just to try and keep up with demand the way JDSU, SDLI, GLW must. There has never been anything like this. Never. Of course, I realize fiber optics is dead. But, maybe someone can scrape together a few more cents for another strand. "Telcos plan Asia-America undersea optical cable" biz.yahoo.com It would be good to have some cash, now. Don't miss all the great bargins. Regards, Tom

To: Mama Bear who wrote (2527)	10/30/2000 3:10:35 AM
From: Tom Kearney	Read Replies (1) \| Respond to of 57684

Mama, here's a few more numbers to consider: Efficiency JNPR Revenue/Employee (TTM) 1,264,349 Net Income/Employee (TTM) 265,191 GE Revenue/Employee (TTM) 375,668 Net Income/Employee (TTM) 35,997 JNPR's a newbie, in a fast moving industry. It must invest heavily. Do you think GE was more efficient 75 years ago? Duke is interesting. It has vast fixed assests, yet the returns are low. Revenue/Employee (TTM) 1,908,857 Net Income/Employee (TTM) 62,048 Regards, Tom

To: Mama Bear who wrote (2527)	10/30/2000 12:55:10 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 57684

You are absolutely right, my comments were adressing the last 40 years or so. Cnbc had a show called "history of the stock market" where they talked about railroads and different explosive industries that came out of the industrial revolution. There were tons of stock market bubbles back then. Some fell back to earth and some maintained, I guess GE is the ultimate survivor. I fully expect Ariba to be worth less in 50 years than it is worth 5 years from now. Of course there is always the chance that Ariba is another GE. But I'm mostly looking at what the next 5 years will bring.