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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: ed who wrote (14981)	1/24/1999 3:05:00 AM
From: Daiju Kohno	Respond to of 74651

Ed, that was a beautiful post. I think everyone invested in Technology ought to read it. < If you continue to be stubborn about the PE , and buried your head in the sand of historical things, most likely , you will miss the big opportunity. Just record my words, and check back in year 2009.> Bill O'Neil said something similar to that about the past 15 years and stocks that were believed to be overvalued. Most of all of the big gainers since then were considered to have been too pricey to start with. I'm not a CANSLIM follower but I do believe in his idea that 'all stocks trade for what they are worth at that time'. eg. Diamonds are not valuable b/c they are pretty or hard but because the demand is great b/c people think they are pretty and hard. After all, worth is always (economically speaking) measured by supply and demand, never by earnings. Valuation may be useful in suggesting possible future demand, but never future price. JMHO. CMCAPE (Continuing My Crusade Against PE's), DK