Pip Coburn
Pip Coburn
earnings investors reverse spending tech
For tech multiples to significantly reverse direction, investors will need to feel comfortable about fundamentals again...including earnings estimates, IT spending trends, and macro issues.
earnings estimates fourth quarter third
Third quarter and fourth quarter earnings estimates need to come down dramatically.
evidence excess far historical inventory reasonable relative seem
So far there's very little evidence of excess inventory and 1Q 04 expectations seem reasonable to us relative to historical norms.
creatures investors moving
Investors are moving from telescopic-themed-excessive-multiple creatures to microscopic-near-term-earnings-fearing-lower-multiple folks.
continue expect impact recovery suffering until
There is probably not going to be a recovery until 2003. I expect the suffering to continue and impact most of the telecom stocks.