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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year -- Ignore unavailable to you. Want to Upgrade?

To: Melissa McAuliffe who wrote (2526)	10/5/1998 5:51:00 PM
From: Don Dodge	Read Replies (2) \| Respond to of 4509

Chuck Phillips (MS) and Rick Sherlund (GS) understand this business very well, believe me. I know Chuck pretty well and have met with Rick Sherlund a few times. These guys are superstars! They do their homework and talk to customers, competitors, system integrators, employees, etc. They have connections to information sources that you would not believe. There are some lazy analysts who pontificate about their view of the world, but Phillips and Sherlund are a breed apart from them. Also, I wish some of these analysts understood things just a little bit better. Just because SAP is cutting their prices doesn't mean that PSFT will lose of have to cut theirs.... I wish some of these people who make these damn statements had spent some of their careers at least working in some of the industries they cover. I understand your pain. I have been on the losing end of a Chuck Phillips downgrade and lost a bundle. I was mad about it and thought he was wrong. Experience has shown he was right. He usually is. Don't worry, PSFT will recover. Be patient. Don

To: Melissa McAuliffe who wrote (2526)	10/6/1998 3:44:00 AM
From: Lutz Moeller	Read Replies (1) \| Respond to of 4509

Melissa, You wrote: "Also, could someone please help me with something. Do SAP's shares trade on both the NY and German exchanges. If I see share # outstanding for SAP is 531.2M does that include all the shares?? Or are there more shares?" David L.Scott defines in his book "Wall Street Words" ADR's as such: American Depository Receipts (ADR's) "A negotiable receipt on securities, that are being held in custody overseas. The ADR's are traded in place of the foreign securities in order to alleviate some difficulties (e.g., transferring certificates overseas or converting currencies) in buying and selling foreign securities." So Frankfurt trades stock, New York trades ADR's. The ADR's are no stock. So the share # is not enlargend. OK? Regards Lutz

To: Melissa McAuliffe who wrote (2526)	10/6/1998 9:12:00 AM
From: wayne harris	Read Replies (1) \| Respond to of 4509

PSFT has an installed base that is only about 1/3 the size of SAP installed base. That is one factor but it is very important. Once installed, a customer doesn't switch. Therefore, upgrade cycles are tolerated. Another factor that you keep running into is that SAP is a significant part of the DAX index. PSFT was of course just added to the S&P 500 and in any event is not a significant part of that. This will account for some of the different in capitalization that you were looking at.