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To: Phillip Crone who wrote (1907)	1/2/1998 3:42:00 PM
From: The Ox	Respond to of 2574

Thank you for your comments. You write: I don't like buying products or stocks that charge a premium, like APCC.... With a forward P/E (at end of 1997) looking around 18 and a current trailing PE at 20, I fail to see how a company that has a consensus growth rate over 20% can be considered to be charging a premium? Fair value maybe more accurate but I still feel APCC is undervalued at the current stock price. At the beginning of 1997 the estimates for APCC's EPS growth for this fiscal year was around the 22% range (similar to the current estimates for 1998, BTW) and now we will see actual EPS growth closer to 30%. I think we will see slightly slower but similar growth for APCC next year in the 25 to 27% range. I, like you, prefer to buy companies I feel are undervalued, rather then fair or over-valued. I have to completely agree with you that if APCC hits 13, it is a great value for any portfolio (under the current fundimentals!).

To: Phillip Crone who wrote (1907)	1/2/1998 6:28:00 PM
From: douglas hurd	Read Replies (1) \| Respond to of 2574

"I don't like buying products or stocks that charge a premium, like APCC," Let me ask a simple question: How many cash rich companys who are also champions within their industries are trading at only 20 x earnings? (Not directed at you Phillip) Someone help me out here. I'm baffled by the fundamentals that are applied to this stock. Its like some investers think a stock 'owes' them 40, 50, 100 percent return in a week or two. A BARGAIN at 24.00 bucks if you have 6 months or more. I have no problem with a quick buck but if you can't look at the big picture, you're better off getting out of town.. Douglas