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To: H James Morris who wrote (120340)	3/13/2001 1:07:59 PM
From: Skeeter Bug	Read Replies (2) \| Respond to of 164684

hjm, not sure if you are joking. investing s/b a highly analytical process. buy shares as though you were buying the whole business. if you wouldn't pay $550 billion to buy csco at the top, you shouldn't pay $85 for a single share, either. look at what $550 billion got you... $3 billion in earnings with 50% growth supported by a massive infrastructure buildout for money burning net companies w/ no hope of sustained business prospects. compared to the $30 billion in guaranteed t-bill doillars for the same investment... that seems absurd. the folks that made that choice got hammered. you are now paying $144 billion for $3 billion in eps growing at 50%. $144 billion would net about $9 billion in guaranteed t-bill money. still a little risky, but if csco continues its growth then you can do well from a valuation standpoint. it's a big IF, though. ALWAYS buy undervalued companies relative to price and your best guess at a high probability growth rate. not a possible growth rate. a probable rate. you can now see why people checked their hat and shoes and picked up their crayons before they purchased csco at $85. if i can get a company that earns 30% of what i paid for it year after year, eventiually it will trade at fair value and i'm not too disappointed it is down.