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Technology Stocks : Microsoft: Windows 97
MSFT 216.46+1.8%Jan 19 3:59 PM EST

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To: Mark Finger who wrote (22)1/19/1997 4:21:00 PM
From: Brian Malloy   of 74
Mark, I'm a long term holder of MSFT, since 1991.
Daily, weekly, quarterly moves don't mean much to me. In the long run, regardless of how high the PE ratio is now, I know that MSFT will continue to be a growth company for the forseable future.

In the past when MSFT gets in the position that it is currently, when investor demand drives the price up too high, the stock tends to correct 15% or so. It then stays in a trading range from -15% below to about +5% above the old high for something like 8 to 12 months before resuming its rise. I believe that we are about to enter one of these churning type periods.

Since I cannot predict when the stock will go up or down - but do believe in the longterm growth and earnings potential of MSFT I just hold it. The returns over the past six years have been well beyond my expections when I first purchased it.

Brian Malloy
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