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To: Jock Hutchinson who wrote (24234)	9/28/2001 8:38:51 PM
From: sea_biscuit	Respond to of 25814

By contrast, much of this stuff is very high intellectual capital, high growth, and as a result, high margin products. Yeah, but first they have to show that they can earn money. Not "pro forma" or EBG or EBS or BS earnings, but earnings according to GAAP. They pulled wool over investors' eyes once; they won't be able to do it again in the same sector. Maybe they will do it with some perpetual motion energy machines or something next time...

To: Jock Hutchinson who wrote (24234)	9/28/2001 9:14:48 PM
From: sea_biscuit	Respond to of 25814

Going down to one times sales. While the market may be goofy, it can still differentiate between Ciena's next generation products, and spray paint at Michael's Stores. CIEN is at 2 times sales, so maybe the market will get really goofy and think that there is enough "next generation" products to last until the next generation, and that we do have to paint our houses every once in a while! Btw, here is an excerpt (from www.syharding.com) for you : "Investing over the next several years will take more knowledge and thought than just jumping back into the same few stocks that were the big winners at the tail-end of the last bull market."