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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: John Arnopp who wrote (1055)	1/31/1998 5:38:00 PM
From: DaveHunt	Read Replies (1) \| Respond to of 4467

Thanks John, It's been some tiome since I've been ob this thread. After the Q2 releases of CATP, CCSC, and CMPC, Those companies should continue to move forward. (TESI scored a profit as well !!) I'm hoping OAO shows good numbers as well. CVSN is a mystery as far as I can tell and I don't see any press releases from then at all. Dave

To: John Arnopp who wrote (1055)	2/1/1998 12:43:00 AM
From: William R. Polk	Read Replies (1) \| Respond to of 4467

John, thanks for the spreadsheet. Two corrections (I believe): DTPI - 793,853 shares of common TESI - 10,448,738 shares of common (not 1 million) See safeguard.com for verification. Bill Polk

To: John Arnopp who wrote (1055)	2/2/1998 4:27:00 PM
From: still learning	Read Replies (1) \| Respond to of 4467

I think the spreadsheet speaks for itself. I have a couple comments though, and quite a few questions: The stealth investments (TL, other VC funds) are making it harder for NAV to be fully reflected. We are also seeing a greater number of small positions taken by SFE thru e.g. Pennsylvania Early Stage Partners, the new $50 million venture fund, a collaboration between the Commonwealth of Pennsylvania, the $40 billion Pennsylvania Public School Employees' Retirement System. What is SFE's position and what does it contribute? How do we assess spin-offs from spinoffs? (There are a few examples like CVSN, XL Vision, LASX, etc.) CATP has mad a major move upward, but the other major holding -- CCSC, SCAI, have had such major setback that we have not seen a synchronized run-up. Is this a function of greater diversity of holdings? Or are we waiting till all of them run at once? I do not yet know. CMPC keeps bouncing up and down. TESI made some big gains, but now seems stuck in a narrow range. The Rights offerings seem to take much longer to take off lately. SCAI was dead for nearly a year, then took off like a rocket. OAOT is still dead 3 months later. Is this a sign of things to come, or was the market just holding back the value of good companies? SFE still stands well below its all-time high. I thought we would at least be in the $40 range by now and am a bit confused. They have a number of good companies, but the offerings have had such a time lag before they show value that SFE does not get the boost it once did from them. That means it operates much more like a mutual fund with NAV drivig everything. This has led IMHO to an extreme undervaluation of non-public companies. That, plus the fact that TEch is so volatile of late, seem to me to indicate we will not see non-public holdings highly valued for some time. Net/net: it's all riding on the 5-6 public companies that make oup 80% of the valuation.