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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: W. R. Stolizino who wrote (14804)	2/18/1998 6:18:00 PM
From: TideGlider	Read Replies (1) \| Respond to of 25960

Greetings Mr. W.R.: There are many simple definitions of Fair market value. Most are just a simple explanation of a willing sale to a willing purchaser for a value they both agree upon and have adequate information to make the decision. However, the price of an equity times the amount of shares does not always equate to the value of the entity. I believe Curly was referring to the value assessed in the manner of the gentlemen on the following links: houlihan.com houlihan.com I may be wrong, however, I believe Curly was expressing the Fair Value of the company after examining all appropriate criteria. JMO TG

To: W. R. Stolizino who wrote (14804)	2/18/1998 7:59:00 PM
From: Curlton Latts	Respond to of 25960

Hi Stoli: Welcome on your first day to SI and your first post! With respect to "fair value" Tideglider was right in that I speak about fair value as determined by professionally accepted valuation approaches using the "business judgement" rule. Any idiot with a check book can raid a market and flood it with shorted stock like Mr. Master Of The Universe 4 Million Share Short In 60 Day Man did to CYMI and see the price levels in that market get unreasonably impacted. Nevertheless, the objective measurement of a business' underlying fundamentals are the most objective and important data sources with which any board of directors would use in valuing the biz in a transaction. Those measurements include discounted earnings, discounted cash flow, multiples of earnings for peer group companies, growth factors, replacement cost and the Capital Asset Pricing Model CAPM. When you sythensize all of this objective information and complete an analytical examination a $60 per share value is very conservative. This objective analytical approach is much more accurate in my mind than any "efficient markets" theoretical dogma which you seem to adhere to. Each to his own, but I've said it before and I'll say it again, : I'm investing in a business not trading in the make believe. If I didn't think the market pricing short term fluctuations didn't provide me with great mispricing opportunities I would just go to an index fund and let a mutual fund manager make the investing decisions for me. Obviously I don't. Good Luck To Each And All Curly ~~~~~~^^ [6.6] ....> [_]