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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (53351)	5/23/2001 11:16:42 AM
From: GVTucker	Read Replies (1) \| Respond to of 77400

Mucho, RE: Intrinsic value is an abstract computation that does not need to be reflected in the market. If it is not reflected in the market, your guess at intrinsic value was wrong. I don't care how valid your analysis is. If the market does not agree, it's wrong. For my entire career in this business, I've thought KO to be overvalued. After a few years, though, it had become quite apparent that my opinion of KO's valuation was wrong. I've also thought for my entire career that the media companies have always been overvalued given their poor ability to generate cash flows. But the fact of the matter is that the market is not going to be that inefficient for that long of a period of time, and most probably it is my opinion of the media companies that is wrong. Rather than keep banging my head on the wall, I don't invest in KO or the media companies. And because my measure of intrinsic value in those cases was NOT reflected in the market, those measures of intrinsic value were quite irrelevant.