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To: techanalyst1 who wrote (11506)	5/12/2002 9:23:09 AM
From: Bill Harmond	Respond to of 57684

washingtonpost.com

To: techanalyst1 who wrote (11506)	5/12/2002 12:20:37 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 57684

TA, Tom S. said in the last cc that Germany was in a "depression" (I think that was the actual term) so I agree with you, nothing coming out of europe. And telecom has a little business from asia coming in which isn't there for software- so yes I agree its bad. But how much worse is it going to get? Stocks are 98% off their highs and most below 9/11 levels (except sebl, manu merq which are about double the lows). re: are assuming that we'll see some growth in earnings Is this still true? On a p/s basis an expensive software stock = 3 now. Many are under 1 p/s. (btw I am taking the current qtr ratio nothing forward looking). Sure theres no earnings, you've still got the bubble overhang to deal with and all the associated layoffs etc and its a bigger overhang than past recessions so might p/s be a better gauge on where the recessionary trough is? fwiw, here's an unrelated "buy the bottom" article from rh a few weeks ago- interesting no software companies were mentioned but I agree the internet platform is the next killer app, redherring.com