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To: im a survivor who wrote (6186)	2/7/2001 5:05:18 PM
From: SecularBull	Respond to of 10934

Having "trouble" growing the bottom line at 95%. That sucks! <GGG> LoF

To: im a survivor who wrote (6186)	2/7/2001 6:02:19 PM
From: A.L. Reagan	Read Replies (1) \| Respond to of 10934

Warmenhoven's comments in the Red Herring piece sounded exactly like John Chambers in the press the past three weeks. Today really should not have been a surprise for CSCO longs, except that its holders got so used to nothing but roses Q after Q. On a longer-term basis, I buy the investment thesis that the tornado in storage will continue, and that NTAP will basically maintain its position in the market. Since present value functions are not linear, not even PEG delivers particularly accurate valuation metrics on fast (over 50% YoY) growers. As was demonstrated a few posts back, a stream of free cash flow compounding at 50% YoY for the next 10 years has a present worth a whole lot greater than 50x the current year cash flow. Lastly, as CSCO, DELL etc. demonstrated in their glory days, a $1B revenue base allows many years of high YoY growth before the brick wall comes in view.