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Technology Stocks : Gorilla Game -- Ignore unavailable to you. Want to Upgrade?

To: Mike Buckley who wrote (352)	1/22/1999 12:24:00 AM
From: Shane M	Respond to of 387

Mike, If you ever have the free time, go to a public library and begin pulling out newspapers from the late 20s or late 60s and read the market commentary. Usually this will be on microfilm, but NY Times and Wall Street Journal are at most libraries. It gives an interesting perspective to highly valued markets of the past that just can't be had by reading the books. If you want to read a good book on manias, I recommend one by John Kenneth Galbraith titled something like _The Great Crash_. I'm semi-bearish. Take me with a grain of salt. Shane

To: Mike Buckley who wrote (352)	1/29/1999 10:32:00 PM
From: mauser96	Read Replies (1) \| Respond to of 387

I just discovered a www site run by one of Gorilla Game authors, Paul Johnson. It features some lengthy but interesting reports. I'm printing out the 'Open letter to Warren Buffett"one now. capatcolumbia.com It may be that big growth gorillas are actually undervalued compared to the market as a whole. If the average S&P 500 stock will grow 5% or 6%, and has a P/E of 25 or so on 1999 earnings, shouldn't a company like CSCO growing 6 times faster have a P/E 6 times that? And that doesn't take into account it's unique gorilla status. P/E are higher because of low interest rates and low inflation. Also US companies deserve an extra premium because of our stability, military strength, relative lack of government interference, and the fact that this is about the only country in the world where management has to keep stockholders happy. Big caps deserve another premium for visibility and being mutual fund must buys. That's quite a lot of premiums.