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To: Ausdauer who wrote (5445)	4/15/1999 1:55:00 PM
From: limtex	Read Replies (1) \| Respond to of 60323

Aus - Leave it alone is a policy that works of you are really confident about the fundamentals. I don't think there is much dispute on this thread that the SNDK fundamentals are indeed very good especially that little bit about negotiations re Lexar settlement. Given therefore that we are right at the begging of a full blown crash, yet again, SNDK is behaving quite well. Maybe in a few months if the market ever recovers SNDK will be up again in the high $20's. Best regards, L

To: Ausdauer who wrote (5445)	4/15/1999 2:22:00 PM
From: Sam	Read Replies (1) \| Respond to of 60323

Aus, Not a prediction, just allowing for the possibility. I didn't "expect" it last Sept/Oct either, but there it was, along with a host of other buying opportunities. That's the problem with these things, the really big sales tend to happen at the same time, when the whole market--or a whole sector--goes south, then they kill the good ones along with the excesses. Slaughter them sometimes. Of course, when it happens, you never, or rarely, feel certain that "this is it, the bottom", since along the way so many other apparent "bottoms" fell, and you don't have the cash to properly exploit them. Or the patience to hold for the really spectacular gains that inevitably follow, as "reasonable" tops get taken out later on, but the psychology of the previous crash makes you gun shy and want to take the quick, very nice gains handed to you. Such is the mindless merry-go-round market. best, sam

To: Ausdauer who wrote (5445)	4/15/1999 5:40:00 PM
From: Art Bechhoefer	Read Replies (2) \| Respond to of 60323

Why not buy back shares when the price is low, and particularly, when the price goes below book value, as it did last October? First, if the company bought a significant number of shares to make it worthwhile, it would have boosted the price considerably above book. Second, when a company is in a fast growing business, if it buys back shares, it may find itself UNDERcapitalized. Third, a company must weigh every investment opportunity and choose between, say, buying back shares or using its cash flow to grow the business (e.g., complete its investments in overseas manufacturing capacity). I think they did the right thing. If we were talking about a mature company, such as GM, it would be reasonable for GM to buy back some of its shares, as it probably will do with the heavy cash flow it is getting currently. But, thank goodness, SNDK is no GM!