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To: Victor Lazlo who wrote (151100)	12/29/2002 11:09:41 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 164684

the valuation arguments are deceptive anyway. Take the chip equipment sector for example. The last time the b2b bottomed AMAT stock hit a low of 6ish. That was in a bull market, and this time AMAT bottomed at 11 or 12. So you could say he hasn't hit his trough yet in stock price. But wait... the b2b is a ration of bookings over billings, both numbers are 1/3 higher than they were in the last trough. Makes sense of course since more PCs are being sold and there is no chinese competition to speak of for SCEs. Another thing is high p/s ratios when companies are loaded with cash. The last bear mkts we had, cash was tight and companies didn't have all this cash. Not saying the mkt is dirt cheap or anything but it isn't as overvalued as some would claim. Averages are useless anyway and that is what the valuation hawks seem to always quote. I don't know about LU though, not sure they are el morte. NT seems like he can't survive. Then again there are so few networkers left after this bear any uptick could save a few.