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

To: John Arnopp who wrote (1903)	10/29/1998 1:07:00 PM
From: still learning	Read Replies (1) \| Respond to of 4467

Valuing the "future NAV" of private co's is a lot like valuing the "future" earnings built into projections. It assumes a certain price, market condition, etc instead of earnings -- that's the only difference to me. If the "I-word" is what makes us so different now, I think the market is making a mistake. 2 yrs from now we'll see that 60% of the I-startups are dead, so there's a greater risk than even with high-tech small caps. I am very comfortable with SFE at 21-23 share. Above that, I can't help but feel it's overpriced. And since I really believe it's worth 21, 26-27 seems to me absurd. My time frame is now to 1/99 FWIW, and longer term things should smooth out.