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To: Thomas M. who wrote (2537)6/24/1998 10:25:00 AM
From: John Dally  Respond to of 86076
 
That was an awesome rally. In the summer of '94 one could buy small-cap software companies for .5 - 2 x sales. Then from the summer of '94 to the summer of '95 they appreciated like crazy on good earnings gains.

Now they sell for 5 - 20 x sales and their prospects are much worse. (Of course if it's an internet stock, you need to multiply these figures by 100.)