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To: stock bull who wrote (42168)	5/14/1998 7:46:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 176387

Stock Bull, you said "Let's face it, by any measure, this stock is way over valued." Presumably you have a valuation model in mind. Would you care to share your model with the thread? To my mind, a decent valuation model must take into account expected cash flows, the probability of achieving that stream of cash flows, applying the proper discount rate to those cash flows, and in addition, accounting for the huge periodic influx of cash into the market. This phenomenon is generally neglected in valuations, but I think is significant. PEG models don't work because they are insensitive to interest rates, volatility and other market conditions. P/E doesn't work because it is totally insensitive to current market conditions and earnings expectations. TTFN, CTC