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

To: Rick who wrote (1661)	9/16/1998 8:28:00 PM
From: Rick	Read Replies (1) \| Respond to of 4467

I don't follow SFE closely, but have browsed some of the recent questions about the NAV gap, etc. I am mostly here investigating CATP related matters. However, as I look at the NAV spreadsheet for SFE, I began to wonder how this company should be valued, and have the following thoughts and questions: 1) What is the general holding period, by policy or contract, that SFE maintains shares ? Are there any examples of companies that they have sold out all shares ? 2) What value should I place on the business, excluding it's holdings of shares ? 3) How should I discount the shares in cases where the SFE holdings are significantly greater than the existing float ? For example, I think the TESI holding is 5 times greater than the public float. It would seem prudent to be a little conservative in valuation, here. 4) Should we look to closed end mutual funds for guidance on valuation ? Are there any closed end technology funds that might be used for comparison ? 5) Assuming we continue in a difficult market (bear market, if you prefer), how should this impact valuation and/or the general business of incubating high tech companies ? I am certainly not very knowledgable about how SFE does business, but my gut tells me that this is not a great time to own this company, and especially if there is a significant premium over the NAV. It seems like a technology focused mutual fund, undiversified and with too many eggs in too few baskets. Thoughts anyone ?