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To: Casaubon who wrote (1177)	4/27/2001 11:36:02 AM
From: JRI	Respond to of 209892

OT I don't know THAT many COMPX companies that are doing that well relative to their PE/PEG...still pricey....despite the 60% drop.... You gotta remember that a lot of the fluff of the bubble was the concocted argument (which followed the huge price surges- those prices surges had to be justified by something, so thought the analysts....few thought to just focus solely on the liquidity pump for the price rises).. Anyway, so the argument went in 1999-2000...that technology is really not cyclical (because the internet and the coincident telecom buildout) will grow at supersonic, usually 30-50%, for many years to come...and that dominant companies in each segment could exceed 50% growth for years (as far as one can see)... Without getting too long-winded here (too late-g), the market is getting back to pricing tech as the true growth cyclical it is, with more realistic rates of 10-15% p.a. in most industries....BUT ALSO pricing in obsolescene risk of technology (which should be a huge discounting factor....you can be king of a technology hill one year, and be scaping bottom the next year.....how often does such a sudden drastic change happen to consumer products companies?).. Given this, I'd say most tech stocks are still overpriced based on their earnings multiples, and are nowhere near a bargain...