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To: Stitch who wrote (707)	8/8/1998 7:32:00 PM
From: Frodo Baxter	Respond to of 2025

<<a) the only cheap tech is dead tech>> Do you mean the products or the stocks? Although dead tech products are definitely cheap, I'm referring to the stock. Beware of "value" investors touting tech stocks. They don't get the industry and are using valuation techniques that don't apply. Question: What's APM worth on a liquidation basis? Answer: If you said book value, you're wrong. The correct answer is zero. <<b) tech is expensive and cash flow negative>></> Same question. I mean the business model here. <<virtual integration >> Do you really mean virtual integration as in the buzzword invented by WDC or do you mean to say vertical integration? slaps face Oops. You caught me. I meant to say vertical. <<Japan's problems can't be "solved". >> Well..there are differing levels of "creative destruction". Even if Japan has to go back to a totally clean slate there could eventually be a reemergence. (Sans Marshall plan I suspect). Yes, you're quite correct here. But who really benefits from turning the clock back thirty years for an entire continent? It may be inevitable, but very sad nonetheless. A thought just struck me. Do Taiwan and Singapore actually have any genuine productivity growth? If so, what was the character that allowed them success and can it be replicated in the region? If not, the same fate might befall them in the near future. p.s. love the Schumpeter reference. Too bad I've yet to read an Asian political hack use those words.