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Technology Stocks : Dupont Photomasks (DPMI) -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (121)	2/14/1998 6:00:00 PM
From: Duane L. Olson	Read Replies (2) \| Respond to of 955

JB, Don't know as how you're missing all that much...but what is this earnings at a $2.00 run rate?...Seems to me they are running at about $.60/quarter, minus a one-time currency translation loss of ten cents, so net $2.30/share run rate and increasing...I'll throw a 25 PE on that and call it fairly valued at 58 for now... All in all a nice solid investment in the sweet spot of the semi-conductor industry, IMHO.... dlo

To: jeffbas who wrote (121)	2/15/1998 8:12:00 AM
From: John Bloxom	Read Replies (1) \| Respond to of 955

<<What am I missing?> Perhaps you're not missing anything. Your analysis attempts to ferret out "fair" value. My analysis proceeds on the theory that the market will value (that is, assign a range) the issue this year in substantially the same fashion that it valued the issue in prior years. You are seeking, in effect, the mean or average, price. I am seeking the 52 week high for 1998: that moment at which the market is so exuberant that somebody out there will offer to pay me the high price of the year. I will sell to that somebody and thereafter buy back for much, much less. We merely have a difference in style. Regards, John