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Technology Stocks : SAP A.G. -- Ignore unavailable to you. Want to Upgrade?

To: Mike 2.0 who wrote (3122)	3/10/1999 3:48:00 PM
From: Trader Dave	Read Replies (1) \| Respond to of 3424

It probably won't go down that quickly. IMO, 2000 won't provide the new growth people are fantasizing about for this sector. I think SAP's long term growth rate will be under 10%. (After the offset of increasing services growth levels off.) However, there are two things to consider here. First, investors will believe in the rebound until proven otherwise and keep the multiple too high. Second, you will hurt yourself trying to underestimate the intelligence and sophistication of the typical european technology investor. (It can't be done.) Like baanf, you'll be baffled at how long it takes the euro folks to admit this is not a growth story. I see covering in the high teens to low twenties and re-shorting as the fantasy of the year 2000 rebound starts circulating. TD