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To: Techplayer who wrote (1177)	1/17/2001 3:23:35 AM
From: David C. Burns	Respond to of 2260

Jan 2001 online issue of Scienterrific American: The Triumph of the Light Extensions to fiber optics will supply network capacity that borders on the infinite Gary Stix, Staff Writer "From idea to development happens fast: a 1998 paper in Science on a "perfect mirror," a dielectric (insulating) material that reflects light at any angle with little loss of energy, inspired the founding of a company that wishes to create a hollow fiber whose circumference is lined with the reflector. The fibers may increase capacity 1,000-fold, one company official claims." sciam.com (There are two more articles in the hardcopy edition not on the website: The Rise of Optical Switching, by Bishop, Giles and Dos "Eliminating electronic switches will free networks to transmit trillions of bits of data per second." Routing Packets with Light, by Blumenthal "The ultimate optical network will depend on novel systems for processing information with lightwaves."

To: Techplayer who wrote (1177)	1/17/2001 10:45:34 AM
From: The Phoenix	Read Replies (1) \| Respond to of 2260

Tech... Current projections - which are certain to be revised up - they really should be given guidance. Has JNPR (at $142/share) at a forward (next year) PE of 140 and a earnings growth rate of just above 30%. Of course this growth rate is low but remember JNPR is coming up on a "real" quarter against which they have to measure themselves so it's going to get tougher. And you've got new competitors and new products from existing competitors. So the challenges, IMO, are bigger than some may believe. BTW: As a point of reference CSCO's current PE is under 100 (acutal) and under 50 (pro-forma). July 01 PE (actual) is currently 51 and forward (02) PE is 40. Earnings growth is projected at 29.22%. Further CSCO is more balanced from a portfolio perspective AND everyone is suggesting CSCO is overpriced.... yet these numbers would seem to suggest that CSCO is better priced than JNPR.... at least on face value.. BWTHDIK. All said, I do want to make one thing perfectly clear. JNPR is a great company, with great people, and excellent management. They will continue to do well and execute. The only issue/question is that of valuation. Full Disclosure: I close my long this morning. OG