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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (15235)	12/8/2002 4:44:01 PM
From: stockman_scott	Respond to of 57684

Equity Valuation Trends: Technology Sector wrhambrecht.com <<...Small-cap technology valuations relative to large caps remain near historical lows. Small caps traded at 60% to 80% above today’s level, on a price-to-sales basis relative to large caps, during most of the 1990’s. The relative valuation “discount” is less, but still significant, based on price-to-cash flows. We believe this significant valuation “discount” positions small caps for longer-term outperformance in an upturn in technology capital spending...>>