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To: Mary Cluney who wrote (42009)	12/11/1997 6:09:00 PM
From: derek cao	Respond to of 186894

Re: What am I missing? Mary, you miss the obvious: a couple multi-billion dollar fabs. As someone else put it: "In good time, they are the machine which mint money; in bad time, they are rocks around your neck while you try to keep float." derek

To: Mary Cluney who wrote (42009)	12/11/1997 6:14:00 PM
From: Joey Smith	Respond to of 186894

re:What am I missing? Software companies tend to have higher PEs than hardware companies, and there could be many reasons for this: 1). the "switching costs" of software are higher than hardware, which makes them less risky. In other words, it is more difficult for a user to switch application programs than to switch the machine it is running on. 2). Software companies tend to have more "intangible" assets (e.g. programmers, the software) which are more valuable (or scarce) than physical ssets, like machinery and equipment. 3). higher sunk costs with hardware than software companies. I don't necessarily agree, but these have been commonly cited as reasons why a Microsoft has a much higher PE than an IBM. joey

To: Mary Cluney who wrote (42009)	12/11/1997 6:19:00 PM
From: Kealoha	Respond to of 186894

Mary: Oracle is a dog company that sells the sizzle and the steak is raw. You ever deal with them??? Thieves and lie lie lie. No way they were worth 27 time earnings. Their 'management" loss the DB focus and SAP sapped their market share. INTC is alone and at the top. Now and for the next decade at least...

To: Mary Cluney who wrote (42009)	12/12/1997 12:44:00 PM
From: Paul Merriwether	Read Replies (1) \| Respond to of 186894

<<Even I could write routines to populate indexes to point to data elements to retrieve data rather quickly. But, I would have difficulty producing chipsets or microprocessors at any level. What am I missing?>> I could counter that I make a microprocessor by getting a billion transistors get soldering irons make adders, instruction decoders, barrel shifters etc. and hook them up! That would be an idiotic statement on my part! If you think you can make something robust like oracle enterprise server by hacking together a couple table lookup functions I can only feel sorry for you. I am long intc too, but lets not get carried away!