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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: Katherine Derbyshire who wrote (1532)	7/18/1998 4:52:00 PM
From: John Arnopp	Read Replies (3) \| Respond to of 4467

Thanks, Katherine. Let me also add, that there can be a premium whether or not the market anticipates an offering. Certainly, an offering is anticipated right now (Who? Vision Systems), but even after they go public, it will only add $0.80-$1.60 NAV per share depending on the stock price after the offering (assuming it will trade between $5 and $10). But a premium can exist simply because the market is NOT giving away the private companies for free. They certainly have value, both in terms of earnings, potential earnings, and as potential spin-offs (or sales to other companies). So, the NAV would be a readily measurable way of determining specifically WHAT you are paying for. You can buy Safeguard as a proxy for its largest holdings (CATP, CCSC, CMPC, etc) and gain some upside from the growth/offering of private companies. Also, for those interested (and I disclaim any responsibilty for accuracy and continued support) I have a spreadsheet showing the NAV calculation, and a link to a graph at the bottom. I also want to state that while I would like to continue this, I have only been tracking it myself since about the beginning of this year. Here it is: bluering.com Good investing, --John