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To: Charles Tutt who wrote (707)	6/3/2002 5:21:21 PM
From: Captain Jack	Respond to of 4345

Chuck-- the fwd PEs are even more worthless,, many NAS issues are even missing the E,, a kinda important part of PE,, LOL! The NAS has asked the SEC for permission to affiliate with the UK,, Looks sad and they know it!

To: Charles Tutt who wrote (707)	6/3/2002 6:21:39 PM
From: BelowTheCrowd	Read Replies (1) \| Respond to of 4345

Trailing PEs can be useful if the prior year is indicative of future business. Unfortunately I think there are too many people who see the last two years as the aberration, and the two or three years before it as "normal growth." The truth is probably somewhere in between, but the expectations are still too high. We're unlikely to see more than 8-10% sustained growth in the more mature tech sectors including all PC related stuff and most telecom. At least until the next major revolution unleashes new "must have" technology. Many stocks are extremely expensive given that type of assumption. mg

To: Charles Tutt who wrote (707)	6/4/2002 4:44:13 PM
From: BelowTheCrowd	Read Replies (2) \| Respond to of 4345

> Trailing PEs aren't much use, IMHO < I had to comment on this in light of today's announcements. It looks like they're forecasting no recovery this year, 4-6% growth in 2003 and 7-9% in 2004. At that rate, they're not growing earnings fast enough to substantially impace the PE anytime soon. It's high relatively to their growth and will remain so, unless the "P" side comes down. Obviously they'll try to squeeze the earnings as high as possible with cost cuts, but even so, I still suspect that there is greater risk to the downside right now than opportunity to the upside. But again, would not play this in either direction at the moment. I think other companies have much more clearly defined risk/opportunity. mg