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Technology Stocks : TLAB info? -- Ignore unavailable to you. Want to Upgrade?

To: Baldwin who wrote (5442)	4/24/1999 12:42:00 PM
From: Chuzzlewit	Respond to of 7342

Baldwin, I've pretty much given up on the idea of establishing a value for a particular stock. Like pornography, I will know overvaluation when I see it. The best I can do is relative valuation, which still begs the question of market valuation as a whole. The new paradigm seems to be that equities are valued on the basis of aggregate supply and demand rather than a lot of individual investors making independent judgements. Under this model all of the new money coming into the market must find a home, therefore stock prices will be driven to values heretofore considered unsustainable by venerable models such as CAPM or FCF capitalization. TTFN, CTC