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To: Larry S. who wrote (30099)	3/18/2001 11:15:52 PM
From: BWAC	Respond to of 53068

That doesn't look like Sobriety. It just looks like some more bad thinking to me. Who cares if CSCO takes 7 years to return to its old high? Who cares if it does ever return to its old high? All the valuation focus is on the stock price. High, low, its just all noise. And really irrelevant. A better point to discuss is whether CSCO is worth $145 Billion as a company? If it is, was it ever worth $500 Billion at the top? Thats what we are really discussing. The value of a company and its earnings. Think about that number $500 Billion? Imagine. Some analyst report pumped out to people a year ago saying CSCO had a 12 month target of $150. Geeeez didn't anybody stop to think that would be almost $1 Trillion cold hard bucks? Thats where people went grossly wrong. They never ever stopped to think what is this company worth in 'real money' not just a per share price. My favorite example to use when people started discussing what a great investment xyz.com was at $195 was to ask what its total value as a company is? Answer: Huh? $195 right now. No whats the 195 times # of shares equal? Answer: Don't know, don't care. OK well let me tell you last I checked it was $300 Billion. Have you compared that to what mature mutlinational companies with $80 Billion in sales are valued at? Answer: Why bother? Cause take GM its total valuation is only $60 Billion, with all its sales, all its hard tangible physical assets. So why do you think XYZ.com should be worth $400 Billion in its second year of business? Answer: None. Eyes glaze over at this point. (I picked on CSCO above, but I like it at this valuation. $20 per share or 135 Billion total)

To: Larry S. who wrote (30099)	3/19/2001 12:29:41 AM
From: Kelvin Taylor	Read Replies (2) \| Respond to of 53068

Thanks AG. You have done more damage than 10 taxes increases could have ever done.