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To: Lizzie Tudor who wrote (41782)	2/22/1999 3:14:00 PM
From: Bill Harmond	Respond to of 164684

I don't think the landscape is that different. I think there's a Y2K bubble, and that's what the market is reacting to. Siebel doesn't have the problem.

To: Lizzie Tudor who wrote (41782)	2/22/1999 3:32:00 PM
From: Elsewhere	Respond to of 164684

SAP will recover. Some of my friends, SAP consultants, are flooded with orders. I know even one who is logged on to two clients concurrently... So the fundamentals are ok. The charts look horrible, yes. But I well remember the time when I wouldn't buy any stock with PE > 20 (just a few years ago) and SAP had one of those horrible drops to below 200 DM that time. The PE went below 40, still too rich for me then. After a two-year recovery the ascend continued, the stock was a multi-bagger from that level (about 7x). Don't forget that SAP is a member of the DAX, with a lot of liquidity waiting to drive it up one day. All those option plays (STAR program, in SAP's case), all those accounting gimmicks, pension plans for wider parts of the population with stock investments are just starting. We have less than 1000 stocks listed in Germany with millions of people about to enter the market. Compare SAP to any other DAX company - except maybe Mannesmann (a kind of German ATI) there is no company with strong long-term growth prospects. With a >1 year horizon SAP will be rewarding with a 30% p.a. expectation. No YHOO youngster, but a safe core component of William's portfolio ;-).