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To: Zeev Hed who wrote (946)	7/28/2001 5:49:01 PM
From: Mike M	Read Replies (1) \| Respond to of 1328

You are probably right that 5 times sales is still pricey but much has to depend on what business outlook remains. A company with nearly $2B in cash, no debt and tax write offs for the next 20 years would seem to deserve some premium, however.

To: Zeev Hed who wrote (946)	7/29/2001 4:31:16 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 1328

Zeev: Two points on your post. 1) While JDSU did pay with its paper stock it paid premium prices for other high priced paper companies (Uniphase and SDLI being the last) so it still has a pretty good dilution. 2) The goodwill write off is not tax deductible. In most situations they only get to write off these mistakes by selling the company stock acquired (I'm sure there is a great tax planning area here). I forget if we still have capial loss against ordinary income limitations.