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

To: TigerPaw who wrote (55635)	9/25/2001 12:47:28 AM
From: Stock Farmer	Respond to of 77400

Hi Tigerpaw: "environment changed, not the argument"... Yes, perhaps. That's just another way of saying that the argument is disconnected from the facts that support it. Maybe the hands came loose from the movement that's still working, or the movement is gummed solid. On the face of it, the clock is stopped. Yes, the US is already built out. Europe isn't far behind. Japan and Asia offer the last bastion of real promise. So maybe that's worth 10x what the US/Europe build out has generated (feel free to correct this obviously inaccurate assumption). The buildout of US and Europe generated 8 B$ of retained earnings using the company's own data - the rest of the lifetime comprehensive income has come from shareholder pockets - check the 10-K if you doubt me. That gives us 80 B$ from Japan & Asia. If we forget about inflation, that leaves 420 B$ of value creation still missing if one wants to justify a market cap of 500 B$... It only leaves about a dollar fifty missing to justify a $12.60 share price. Absent inflation, and any prospect of return that is. And absent the effect of a slightly different perspective on "Fair Play" that seems to exist in Asia. No, I'm biased to the thinking that the conclusion of the argument is getting more correct all the time, not the other way around. John.