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To: NOW who wrote (92467)	4/11/2001 10:12:50 AM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

thanks, i hadn't seen it thus far. <<Many analysts have argued that US technological superiority, combined with the reserve status of the Dollar, will ensure that the Dollar remains strong for a long time to come. We think, however, that they are missing an important point - valuation. For example, Cisco may have been the world's best business in March 2000 and it may still be the world's best business today, but that didn't stop the Cisco stock price from dropping by more than 80% over the past 12 months. As far as we can tell there is very little difference between those who argued, in March 2000, that Cisco's growth profile meant that no P/E ratio was too high, and those who argue today that US technological superiority means that no current account deficit is too high.>> isn't it amazing! i used the very same comparison when recently discussing the dollar.