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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: geoffrey Wren who wrote (3636)	12/2/1997 1:28:00 PM
From: Ian@SI	Read Replies (1) \| Respond to of 10921

Geoff, When I talk about "return", I mean precisely that. A 64% return (which I have for my AT&T holding of 1 year) is a 64% return whether it was earned with a large cap, a Dow Stock or a microcap. O'Shaughnessy's book "What Really Works on Wall Street" was based upon analysing about 50 years of data. Price Sales Ratio (PSR) was 'king'. If that's what you mean by low PSE, you're right. He didn't publish results for microcaps as they generally aren't feasible for mutual fund managers to hold. As a result, it wasn't possible to compare the risk adjusted rate of return for microcaps with other investments. Ian.