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To: PhantomGremlin who wrote (81032)	12/8/2000 6:02:20 PM
From: Douglas V. Fant	Read Replies (1) \| Respond to of 95453

PG, You raise a good point. I estimate book value usually by knocking goodwill out of the equation...On that basis, stocks like ASTX which sells for $13 and has $6/share cash look cheap even if their business model goes nowhere. Same with CPCL. Another stock, SEMX just signed a major supply contract with JDSU- and yet sells for below book value. They may screw up in satisfying the contract, but they are cheap enough that we shouldn't be punished too badly from here on the downside. Gas-to-power stocks probably do not fit the book value mode and look a little more like momentum stocks...But it's hard to argue with $1,000/megawatt hour pricing when it only costs $50/ megawatt hour to make the electricity....