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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Brophy who wrote (2340)	5/20/1998 1:37:00 PM
From: Tom M	Read Replies (1) \| Respond to of 5944

I'd add a caution regarding PTEC (Phoenix) as they just made an acquisition and haven't set a major new low for this yet. Much like I had been warning there'd most likely be a new low set for each of ADPT's acquisitions. For a while it looked like ADPT's last acquisition wasn't going to set a new low. But it sure did. Mark B. and I have both held PTEC a while and it has been one of the worst tech stocks to own over the last couple years if you didn't trade it when management did (hmmm, sounds familiar). I'll wager PTEC does single digits. BWDIK. best of luck, Tom

To: Mark Brophy who wrote (2340)	5/20/1998 2:53:00 PM
From: The Philosopher	Read Replies (1) \| Respond to of 5944

>>A better valuation indicator is book value Yes, if you can trust the book value numbers. My problem there is the difficulty of evaluating the fairness of book value--high tech equipment may be bought that only has an effective usable life of 3 years but gets depreciated over 7 years, so you have four years of value on the books that is meaningless; or you have a fully depreciated plant that is still producing good profit, or land in Silicon Valley bought in 1985 cheap and still held at that book price. I don't have the skill to correct book values, whereas I'm pretty up on watching for problems in earnings I have to correct for.